Mahindra Logistics jumps on acquiring entire stake in MMTPL, VASPL,VFSPL
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Mahindra Logistics is currently trading at Rs. 465.50, up by 10.20 points or 2.24% from its previous closing of Rs. 455.30 on the BSE.
The scrip opened at Rs. 461.30 and has touched a high and low of Rs. 479.90 and Rs. 456.50 respectively. So far 8065 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 819.15 on 30-Aug-2021 and a 52 week low of Rs. 395.65 on 28-Feb-2022.
Last one week high and low of the scrip stood at Rs. 479.90 and Rs. 450.10 respectively. The current market cap of the company is Rs. 3416.23 crore.
The promoters holding in the company stood at 58.18%, while Institutions and Non-Institutions held 32.52% and 9.30% respectively.
Mahindra Logistics has completed 100% acquisition of Meru Mobility Tech (MMTPL), V-Link Automotive Services (VASPL) and V-Link Fleet Solutions (VFSPL) from Meru Travel Solutions (MTSPL). Following the completion MMTPL and VFSPL have become a subsidiaries of the Company on May 12, 2022. VASPL has become a subsidiary of the Company on May 13, 2022. As on date, MMTPL, VFSPL and VASPL are wholly-owned subsidiaries of the Company and would continue to remain subsidiaries of Mahindra & Mahindra.
The Company intends to invest in Meru Companies with an objective to grow its presence in the shared mobility space and to consolidate the mobility business ownership. With this acquisition, the Company will enhance its range of mobility solutions with strategic focus on enterprise customers and electric mobility.
Mahindra Logistics provides logistics solutions, warehousing facilities, freight forwarding and supply chain management services. It also provides people transport solutions, a specialised line of business which helps corporate clients move employees to and from the workplace.
