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Mahindra and Mahindra (M&M) has sold its entire stake in private lender RBL Bank for Rs 678 crore, the automaker said in an exchange filing on Thursday, November 6.

The company had acquired a 3.53% stake in RBL Bank as a treasury investment in 2023 for Rs 417 crore. According to M&M, the sale of its stake has generated a 62.5% gain on the original investment.

“We refer to our letter dated July 26, 2023, wherein the Company informed about the acquisition of a 3.53% stake in RBL Bank as a treasury investment at a cost of Rs 417 crore. In furtherance to the above, we would like to inform you that the Company has today sold its entire stake in RBL Bank for a consideration of Rs 678 crore, representing a 62.5% gain on the investment," the company said in its filing.

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