Mahindra Logistics Files DRHP With SEBI for IPO | CORPORATE ETHOS

Mahindra Logistics Files DRHP With SEBI for IPO

By: | August 4, 2017
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Aug 4: Mumbai-based automaker Mahindra & Mahindra Ltd on Friday announced that its logistics arm Mahindra Logistics Ltd has filed Draft Red Herring Prospectus (DRHP) with the capital market regulator Securities and Exchange Board of India (Sebi) for an initial public offering of up to 1,93,32,346 equity shares, representing up to 27.49% of the existing issued and paid –up equity share capital of the company for cash through an offer for sale.

As part of the proposed IPO, on 3rd August, 2017, M&M has received approval from its Loans and Investment Committee to sell up to 96,66,173 equity shares of Rs 10 each held by the company in MLL representing up to 13.74% of the existing issued and paid up equity share capital of MLL.

Further, out of the other shareholders of MLL, Normandy Holdings Ltd has agreed to offer up to 92,71,180 equity shares held by it in the company representing up to 13.18% of the existing issued and paid-up equity share capital of MLL and Kedaara Capital Alternative Investment Fund-Kedaara Capital AIF I has agreed to offer up to 3,94,993 equity shares held by it representing up to 0.56% of the existing issued and paid-up equity share capital of MLL.

According to a company statement, the offer includes a proposed reservation of up to 1,25,000 equity shares (0.65% of the offer) for eligible employees of MLL, on a competitive basis in accordance with the Sebi ICDR regulations, at issue price or at such discount as may be decided by the companies associated.