Mahindra Logistics revealed on Wednesday the completion of a deal to sell its entire 39.79 percent stake in associate company Transtech Logistics (TLPL). Following this transaction, TLPL will no longer be considered an associate of Mahindra Logistics.
In an official filing to BSE, Mahindra Logistics stated, “The company, at its meeting held today, entered into a share purchase agreement with Transtech Logistics for the sale/transfer of the 39.79 percent 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.”
The revenue from operations of TLPL for the financial year ending March 31, 2023, amounted to Rs 3.26 crore. The 39.79 percent stake has been transferred to Amarnath Kalale, identified as the ‘Buyer’ and one of the promoters of TLPL. The buyer is not affiliated with Mahindra Logistics’ promoter/promoter group/group companies, as per the filing.
Mahindra Logistics, recognised as an integrated third-party logistics service provider, specializes in supply chain management and enterprise mobility.
