M&M to sell up to 13.7% stake in Mahindra Logistics IPO
DSIJ Intelligence / 04 Aug 2017
Mahindra & Mahindra (M&M) announced on Thursday that the loan and investment committee of directors has approved the offer for sale of up to 96,66,173 shares
Mahindra & Mahindra (M&M) announced on Thursday that the loan and investment committee of directors has approved the offer for sale of up to 96,66,173 shares, representing 13.74% stake in its subsidiary Mahindra Logistics via proposed initial public offering (IPO).
Out of the other shareholders of MLL, Normandy Holding has also agreed to offer up to 92,71,180 shares, representing 13.18% stake and Kedaara Capital Alternative Investment Fund has agreed to offer up to 3,94,993 equity shares held by it in MLL, representing up to 0.56% stake, as part of the proposed IPO.
However, the M&M stock was trading lower by 0.73% at Rs 1,406 per share on the BSE at 1107 hours. It opened at Rs 1,419.95 per share and attracted total traded volume of 4,76,187 shares and traded value of Rs 6.7 lakh on the NSE at 1109 hours.
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