Mahindra Logistics Ltd., a part of the Mahindra Group, has announced a public issue of shares through an offer for sale to raise ₹829 crore for its promoters and selling shareholders who are collectively diluting 27% of their holding in the company.
The issue, with a price band of ₹425-429 per equity share and face value of ₹10 each, will be open between October 31 and November 2.
Bids can be made for a minimum of 34 equity shares and in multiples of 34 shares thereafter.
“We are an asset-light company and our technology-enabled business model allows for scalability of services as well as the flexibility to develop and offer customised logistics solutions across a diverse set of industries,” said Pirojshaw Sarkari, CEO, Mahindra Logistics. For FY17, the company had reported a turnover of ₹2,600 crore and an adjusted net profit of ₹60 crore.
