M&M to sell part of its stake in Mahindra Logistics Ltd in IPO

The Board of Directors of Mahindra & Mahindra Limited ('the Company'), at its Meeting held on 13th June, 2017, approved sale of part of its shareholding in Mahindra Logistics Limited ('MLL'), a subsidiary of the Company, as part of the proposed Initial Public Offering of MLL ('IPO'), subject to requisite approvals and market conditions and also authorised the Committee of Directors to determine the size of the stake sale, price and other details thereto.

The Loans & Investment Committee of Directors at its Meeting held today, approved the offer for sale of up to 96,66,173 Equity Shares of Rs.10 each held by the Company in MLL representing up to 13.74% of the existing issued and paid-up equity share capital of MLL, as part of the proposed IPO. The selling price per Equity Share will be fixed through the book building process.

Shares of MAHINDRA & MAHINDRA LTD. was last trading in BSE at Rs.1416.85 as compared to the previous close of Rs. 1415.15. The total number of shares traded during the day was 23499 in over 1094 trades.

The stock hit an intraday high of Rs. 1421.95 and intraday low of 1404.55. The net turnover during the day was Rs. 33199790.

Source : Equity Bulls

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