M&M Ups Stake in Mahindra Logistics to 59.6% Via Rights Issue

Mahindra & Mahindra Ltd. said its rights issue committee has approved subscribing to 17.3 million fully paid-up equity shares of its subsidiary, Mahindra Logistics Ltd., at ₹277 per share through a rights issue.

Following the allotment, M&M’s stake in Mahindra Logistics will rise to 59.6% from 57.97%. The company will spend about ₹479.2 million on the subscription, with shares allotted at a face value of ₹10 each.

Mahindra Logistics provides third-party logistics services, including supply-chain management and enterprise mobility.