Mahindra Logistics Wednesday said it has decided to sell its entire stake in Transtech Logistics Pvt Ltd (TLPL).
As per the share purchase agreement concluded Wednesday Mahindra Logistics will transfer 39.79% stake in TLPL to Amarnath Kalale, a promoter in the company, for a consideration of INR 1,32,176.
Post the sale, which is expected to be completed today, TLPL would cease to be an associate of Mahindra Logistics.
The agreement was approved by the investment committee of the board of directors of Mahindra Logistics on Wednesday.
In a filing to the Bombay Stock Exchange (BSE), Mahindra Logistics said, it has “entered into a Share Purchase Agreement (“Agreement”) with Transtech Logistics Private Limited (“TLPL”) an associate of the Company and the Promoters of TLPL, for sale/transfer of the 39.79% stake held by the Company in TLPL i.e., 100 equity shares of INR 10 each and 65,988 Compulsorily Convertible Preference Shares of INR 50 each, for a consideration of INR 1,32,176/- (Rupees One Lakh Thirty Two Thousand One Hundred and Seventy Six Only) to be discharged by the Promoter of TLPL in cash to the Company.”
Mahindra Logistics in its statement added, the sale of shares of TLPL to the Amarnath Kalale is not a related party transaction for the company. “However, TLPL, an Associate of the Company, is a confirming party to the Agreement entered into between the Company and the Buyer for sale of shares held by the Company in TLPL”, it added.
TLPL reported net loss of INR 1 crore in the last financial year. Revenue from operations stood at INR 3.26 crore in the same period
