Mahindra Logistics gains on entering into BTA to sell express network business to MESPL

Mahindra Logistics is currently trading at Rs. 353.20, up by 1.45 points or 0.41% from its previous closing of Rs. 351.75 on the BSE.

Mahindra Logistics
Mahindra Logistics

The scrip opened at Rs. 351.85 and has touched a high and low of Rs. 356.15 and Rs. 351.00 respectively. So far 6038 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 567.30 on 23-Sep-2022 and a 52 week low of Rs. 349.90 on 29-Mar-2023.

Last one week high and low of the scrip stood at Rs. 367.50 and Rs. 349.90 respectively. The current market cap of the company is Rs. 2547.99 crore.

The promoters holding in the company stood at 58.10%, while Institutions and Non-Institutions held 31.01% and 10.89% respectively.

Mahindra Logistics has entered into a Business Transfer Agreement (BTA) with MLL Express Services (MESPL), wholly-owned subsidiary of the Company for sale/transfer of the Express Network business of the Company as a going concern on slump exchange basis to MESPL, effective April 01, 2023, for a lump sum consideration of Rs 20.8 crore to be discharged by MESPL through issue of equity shares to the Company, on the terms and conditions more specifically defined in the BTA. The expected date for completion of the sale/transfer is on or before July 31, 2023.

There would be no change in shareholding of the Company in MESPL consequent to the slump exchange and MESPL would continue to remain wholly-owned subsidiary of the Company.

Mahindra Logistics provides logistics solutions, warehousing facilities, freight forwarding and supply chain management services. It also provides people transport solutions, a specialised line of business which helps corporate clients move employees to and from the workplace.

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