Mahindra Logistics, a unit of automobile major Mahindra and Mahindra (M&M), has filed for an initial public offering (IPO) of shares. The company is expected to raise an estimated Rs 700 crore through the IPO.
The promoter, Mahindra, and Mahindra will be selling 9.7 million shares while Normandy Holdings will sell 9.3 million shares as part of IPO, according to a filing with market regulator Securities and Exchange Board of India (SEBI).
Mahindra Logistics provides services such as warehouse solutions and transport management.
Kotak Mahindra Capital Company and Axis Capital are the book-running managers to the IPO.
India’s IPO market has been on a roll with money raised through IPOs surging 116% percent to USD 2.6 billion in H1CY17.
Mahindra & Mahindra Ltd is currently trading at Rs 1413.9, down by Rs 3.1 or 0.22% from its previous closing of Rs 1417 on the BSE.
The scrip opened at Rs 1404 and has touched a high and low of Rs 1422.7 and Rs 1386 respectively. So far 299889(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 88089.53 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 1381.1 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.
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