New Delhi: Mahindra Logistics, Mahindra Group’s logistics arm, on Wednesday said it will launch its Rs700 crore initial public offering (IPO) on 31 October. The public offering will close on 2 November.
The public issue of Mahindra Logistics comprises 19,332,346 equity shares that are up for sale. This includes 9,666,173 shares, amounting to 13.74% stake, by parent firm Mahindra and Mahindra Ltd.
Besides, Normandy Holdings would sell 9,271,180 shares, while Kedara Capital would offload 394,993 scrips. Normandy Holdings is a 100% subsidiary of Kedaara Capital.
Mahindra Logistics had filed its draft red herring prospectus with Sebi on 6 August and obtained “observations” on 6 October, which is very important for any company to float a public offer, as per the latest update with Sebi.
According to merchant banking sources, the company is expected to raise Rs700 crore through the initial public offer (IPO).
“The objects of the offer are to achieve the benefits of listing the equity shares on the stock exchanges. Further, 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.