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M&M to sell 13.7% stake in Mahindra Logistics IPO

Mahindra & Mahindra (M&M) announced on Thursday that the Loan and Investment Committee of directors has approved the offer for sale of up to 96,66,173 shares held, representing 13.74% stake in its subsidiary Mahindra Logistics via proposed initial public offering (IPO).

Among the other shareholders of MLL, Normandy Holding has agreed to offer up to 92,71,180 shares, representing 13.18% stake and Kedaara Capital Alternative Investment Fund has agreed to offer up to 3,94,993 equity shares held by it in MLL, representing up to 0.56% stake, as part of the proposed IPO.

However, the M&M stock was trading lower by 0.73% at Rs 1,406 per share on BSE at 1107 hours. It opened at Rs 1,419.95 per share. It attracted a total traded volume of 4,76,187 shares and traded value of Rs 6,700.09 lakh on NSE at 1109 hours.

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Mahindra & Mahindra Ltd is currently trading at Rs 1411.8, down by Rs 5.05 or 0.36% from its previous closing of Rs 1416.85 on the BSE.

The scrip opened at Rs 1419.95 and has touched a high and low of Rs 1424.3 and Rs 1400.8 respectively. So far 595068(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 87999.47 crore.

The BSE group ‘A’ stock of face value Rs 5 has touched a 52 week high of Rs 1508.8 on 09-Aug-2016 and a 52 week low of Rs 1141.8 on 02-Dec-2016. Last one week high and low of the scrip stood at Rs 1433.95 and Rs 1376.05 respectively.

The promoters holding in the company stood at 25.25 % while Institutions and Non-Institutions held 54.38 % and 14.82 % respectively.

The stock is currently trading above its 50 DMA.