Markets

Mahindra Logistics secures SEBI’s nod for IPO

PTI New Delhi | Updated on January 08, 2018

The public issue comprises sale of 1,93,32,346 equity shares to raise about ₹700 crore

Mahindra Group’s logistics arm has received go-ahead from markets regulator SEBI to garner about ₹700 crore through an initial share-sale offering.

Mahindra Logistics had filed its draft red herring prospectus with SEBI on August 4 and obtained “observations” on October 6, as per the latest update with SEBI.

The public issue of Mahindra Logistics comprises sale of 1,93,32,346 equity shares. This includes sale of 96,66,173 shares, amounting to 13.74 per cent stake, by the parent firm Mahindra and Mahindra Ltd.

Besides, Normandy Holdings would sell 92,71,180 shares, while Kedara Capital would offload 3,94,993 scrips. Normandy Holdings is a 100 per cent subsidiary of Kedaara Capital.

According to merchant banking sources, the company is expected to raise ₹700 crore through the initial public offer (IPO).

“Our company expects that listing of the equity shares will enhance our visibility and brand image and provide liquidity to our shareholders,” Mahindra Logistics said.

Kotak Mahindra Capital Company and Axis Capital will manage the company’s IPO.

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Published on October 16, 2017
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