M&M board approves stake sale in Mahindra Logistics

Mahindra & Mahindra (M&M) today said its board has approved sale of a part of shareholding in its arm Mahindra Logistics.

The company's board, which met today, has approved sales of a part of its shareholding in Mahindra Logistics ltd (MLL), a subsidiary of the company, as part of the proposed initial public offering of MLL, M&M said in a regulatory filing.

The size of the stake sale, price and other details of the IPO will be determined in due course by a committee of directors, it added.

Shares of M&M ended 0.49 per cent down at Rs 1,417.35 on BSE.