Mahindra Logistics announces sale of entire 39.79% stake in TLPL

Mahindra Logistics revealed its decision to divest the complete 39.79% stake it holds in its affiliated entity, Transtech Logistics Pvt Ltd (TLPL), on Wednesday.

Upon the successful conclusion of this transaction, TLPL will no longer maintain its status as an associate of Mahindra Logistics.

In an official statement to BSE, Mahindra Logistics stated, "The company, in its meeting held today, entered into a share purchase agreement with Transtech Logistics Pvt Ltd for the sale/transfer of the 39.79% 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."

TLPL's revenue from operations for the fiscal year ending March 31, 2023, amounted to Rs 3.26 crore.

"The 39.79% stake held by the company in TLPL has been transferred to Amarnath Kalale ('Buyer'), who is one of the promoters of TLPL. The buyer is not affiliated with the company's promoter/promoter group/group companies," as mentioned in the filing.

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

(With input from PTI)