Mahindra Logistics Sells Stake in Transtech Logistics

New Delhi, Dec 20 (PTI) Mahindra Logistics on Wednesday announced the sale of entire 39.79 per cent stake in its associate company Transtech Logistics Pvt Ltd (TLPL).

Post completion of this sale, TLPL would cease to be an associate of the company.

"The company...at its meeting held today....entered into a share purchase agreement with Transtech Logistics Pvt Ltd... for sale/transfer of the 39.79 per cent stake held by the company in TLPL i.e., 100 equity shares of Rs 10 each and 65,988 compulsorily convertible preference shares of Rs 50 each, for a consideration of Rs 1,32,176," Mahindra Logistics said in a filing to BSE.

Revenue from operations of TLPL for the financial year ended March 31, 2023 was Rs 3.26 crore.

"The 39.79 per cent stake held by the company in TLPL...are transferred to Amarnath Kalale ('Buyer'), who is one of the promoters of TLPL. The buyer does not belong to the company's promoter/promoter group/ group companies," the filing said.

Mahindra Logistics Ltd is an integrated third-party logistics service provider, specialising in supply chain management and enterprise mobility.