Options Margin Rules

I have M&M 520 pe on hold 4200 quantity @ 16.72, now want to sell 530 pe ,
Will have the margin benefits?

Yes you will get margin benefit. You can check on requirements on Margin Calculator.

It’s a bull put spread.
Your margin requirement will drop from 5,72,712 to 1,21,590 as it is a hedged position.