NEW DELHI: Amid reports on the proposed block deal by the promoter group entity PMSL, Mahindra & Mahindra clarified to the exchanges that “post transmission of shares of PMSL held by the former chairman of M&M, late Keshub Mahindra, to his family members, the family is looking for liquidity for specific needs, and hence proposes to sell a small number of shares held by PMSL in M&M”.

The family will continue to retain the status of the promoter group of M&M and there is no intention to sell further shares in the foreseeable future. As per the shareholding data available on the BSE, the promoter and promoter group entities hold a 19.32 per cent stake in M&M, of which Prudential Management and Services owns an 11.64 per cent stake in the company.