M&M down in the red

Mahindra & Mahindra (M&M) is in the red today; from its close of Rs.347.55, opened lower at Rs.344.80, its intraday high and slipped to the days low at Rs.337.25 . It is currently at Rs.339 levels, down 2.5%.

The company has subscribed to around 288 convertible preference shares of Sampo Rosenlew Oy, an associate company of M&M, based in Finland and a leading player in combine harvesters’ market.

This increases its voting rights marginally from 49.04% to 49.14%.

The total cost of this exercise was placed at Rs.24 crore at forex rate of €82.