Mahindra Group's logistics arm has filed draft papers with markets regulator SEBI to raise an estimated Rs 700 crore through an initial public offering.
The public issue of Mahindra Logistics comprises sale of 1.93 crore equity shares. This includes sale of 96.6 lakh shares, amounting to 13.74 percent stake, by the parent firm Mahindra and Mahindra Ltd, according to the draft papers. Besides, Normandy Holdings would sell 92. 71 lakh shares, while Kedara Capital would offload 3.94 lakh shares.
According to sources, the company is expected to garner Rs 700 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.
The company provides logistics solutions, warehousing, freight forwarding and supply chain services. Kotak Mahindra Capital Company and Axis Capital will manage the company's IPO.
Also Read: M&M To Sell Up To 13.7% Stake In Logistics Arm Via IPO
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