A truck driver cleans the windscreen of a truck as it sits in a parking bay area of a highway service station on National Highway 8 (NH 8) in Rajasthan, India (Photographer: Udit Kulshrestha/Bloomberg)  

M&M To Sell Up To 13.7% Stake In Logistics Arm Via IPO

Mahindra & Mahindra Ltd. will sell 96.6 lakh shares in the initial public offering of its subsidiary Mahindra Logistics Ltd. through an offer for sale.

The loans and investment panel of the M&M board approved the sale of 13.7 percent stake in its logistics arm, the company said in a stock exchange filing on Thursday. In June, M&M had approved the stake sale but did not disclose the size.

Apart from M&M, existing shareholders of Mahindra Logistics, Normandy Holdings Ltd. and private equity firm Kedaara Capital, will sell 13.1 percent and 0.5 percent stakes as part of the offer.

Ahead of the announcement, shares of Mahindra & Mahindra had closed 0.12 percent higher, while the benchmark BSE Sensex fell 0.7 percent during trade hours.