Goldman Sachs arm sells off 1.91 per cent stake in Mahindra

Shares of carmaker Mahindra & Mahindra fell today after Cyprus-based Golboot Holdings, a firm controlled by Goldman Sachs Group Inc, sold 11.8 million shares, or a 1.91 per cent stake, in M&M through a block deal on the Bombay Stock Exchange.

The sale was carried out at an average price of Rs1,161.23 a share, according to BSE data.

The data also shows another Goldman entity, Goldman Sachs Singapore Pte, bought 4.26 million M&M shares, while Fidelity Destiny Portfolios' Fidelity Advisor Diversified Stock bought 4.56 million shares.

Golboot Holdings sold 7 million Mahindra shares at Rs1,076.21 each on the NSE on 14 May.

Mahindra had in May 2008 had sold Rs700 crore worth of convertible debt instruments to Golboot Holdings Ltd to fund its car and tractor businesses.