Mahindra Logistics IPO Gets SEBI Approval:
Mahindra Logistics IPO has received go-ahead from SEBI to garner about Rs 700 crore through an initial share-sale offering (IPO).
Company had filed its draft red herring prospectus with Sebi on August 4 and obtained “observations” on October 6, which is very important for any company to float a public offer, as per the latest update with Sebi.
As per sources company can launch its IPO by October month end only.
The public issue of Mahindra Logistics comprises sale of 1,93,32,346 equity shares. This includes sale of 96,66,173 shares, amounting to 13.74 per cent stake, by the parent firm Mahindra and Mahindra Ltd.
Besides, Normandy Holdings would sell 92,71,180 shares, while Kedara Capital would offload 3,94,993 scrips.
Normandy Holdings is a 100 per cent subsidiary of Kedaara Capital.
According to merchant banking sources, the company is expected to raise 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 companys IPO.
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