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Mahindra Logistics shares jumped 5 per cent in Wednesday's trade on BSE, logging an intraday high at Rs 254.1 per share. The stock gained after the company approved investment in the equity shares of MLL Express Services Private Limited, a subsidiary of the company via rights issue.
Around 12:32 PM, Mahindra Logistics share price was up 4.17 per cent at Rs 252.05 per share on BSE. In comparison, the BSE Sensex was up 1.19 per cent at 73,861.25. The market capitalisation of the company stood at Rs 1,818.07 crore. The 52-week high of the stock was at Rs 554.05 per share and the 52-week low was at Rs 238.5 per share.
Mahindra Logistics will acquire 3,50,00,000 equity shares of Rs 10 each of MLL Express Services by way of subscription to rights issues. The full amount of the issue price will be payable on application in cash. The transaction is valued at Rs 35 crore.
"We hereby inform you that the Investment Committee of the Board of Directors of Mahindra Logistics Limited at their Meeting held today viz. Wednesday, 5 March 2025, has inter alia, approved investment in the equity shares of MLL Express Services Private Limited, wholly-owned subsidiary of the Company, up to an amount not exceeding Rs. 35 Crores by way of subscription to rights issue by MESPL of up to 3,50,00,000 equity shares of Rs. 10 each, at par. The full amount of the issue price will be payable on application in cash," the filing read.
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MLL Express Services was incorporated on December 4, 2006. On May 17, 2022, the company acquired 100 per cent of the paid-up share capital of MLL Express Services from Mahindra & Mahindra Limited, holding company. Consequently, MLL Express Services became a wholly-owned subsidiary of the Mahindra Logistics with effect from May 17, 2022.
On November 10, 2022, MLL Express Services acquired Rivigo’s B2B express Part Truck Load business and currently has PAN India network of operations covering over 19,000+ pin-codes and 220+ processing centers and branches across the nation with tech-differentiated solutions.
In the past one year, Mahindra Logistics shares have lost 42 per cent against Sensex's decline of 0.93 per cent.
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