Photo: iStockNew Delhi: Mahindra and Mahindra Ltd on Monday said it has set a price band of Rs425-429 per share for the initial public offering (IPO) of its logistic unit Mahindra Logistics Ltd. The public issue of Mahindra Logistics comprises 19,332,346 equity shares that are up for sale. This includes 9,666,173 shares, amounting to 13.74% stake, by parent firm Mahindra and Mahindra Ltd. The company in a BSE filing said the minimum bid lot for the offer has been fixed at 34 shares and can be applied in multiples of 34 shares thereafter. Mahindra Logistics had filed its draft red herring prospectus with Securities and Exchange Board of India (Sebi) on 6 August and obtained “observations” on 6 October, which is important for any company to float a public offer.

Source: Mint October 23, 2017 11:15 UTC