Health Care

Mahindra Logistics shares fall 2.1% on market debut

Mahindra Logistics shares fall 2.1% on market debut”

Further, the company's Board of Directors recommended issue of bonus "Ordinary (Equity) Shares" in proportion of 1:1, which is equal to one bonus "Ordinary (Equity) Share" of Rs 5 each for every one fully paid up "Ordinary (Equity) Share" of Rs 5 each, subject to necessary approvals.

At 11 a.m. local time, the shares were down 0.7 per cent at Rs 426 against the issue price of Rs 429. The trading volumes on the counter more than doubled with a combined 3.03 million shares changed hands on the NSE and BSE.

Home-grown utility vehicles major Mahindra and Mahindra on Friday reported a 24.79% increase in standalone net profit at ₹ 1,331.57 crore for the second quarter to September.

The share touched its 52-week high Rs 1,459.50 and 52-week low Rs 1,165.00 on 12 June, 2017 and 02 December, 2016, respectively.

The Rs 829-crore IPO was subscribed 7.90 times during October 31-November 2, according to data available with the NSE.

The company had fixed the price band at Rs 425-429 per share.

Mahindra Logistics' IPO comprised sale of 1,93,32,346 shares, including offloading of 96,66,173 shares -- amounting to 13.74 per cent stake -- by parent firm Mahindra and Mahindra.

Kotak Mahindra Capital Company Ltd and Axis Capital Ltd were the book-running managers to the IPO.



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