Mahindra Logistics IPO price band fixed at 425-429; to raise Rs 829 cr

Mahindra Logistics Ltd (MLL), part of diversified Mahindra Group, has fixed a price band of Rs 425 to 429 per share for its initial public offer, according to a regulatory filing.

At the upper end of the price, the share sale would fetch little over Rs 829 crore.

"The price band for the offer has been fixed at Rs 425 to Rs 429 per share of Rs 10 each of MLL with an employee discount of Rs 42 that will be offered to eligible employees," Mahindra & Mahindra said in a regulatory filing.

Last week, Mahindra Logistics had received go-ahead from markets regulator Sebi for the initial share sale.
 
The issue of MLL comprises sale of 1,93,32,346 shares, including offloading of 96,66,173 shares -- amounting to 13.74 per cent stake -- by the parent firm Mahindra and Mahindra.

Besides, Normandy Holdings would sell 92,71,180 shares, while Kedaara Capital would offload 3,94,993 scrips. Normandy Holdings is a 100 per cent subsidiary of Kedaara Capital.