Mahindra Logistics divests entire 39.79% stake in Transtech Logistics

Mahihdra Logistics stated in the filing that the company has ceased consolidating its share of profit/loss at Transtech Logistics Private Limited  under the equity method since the investment was fully impaired in earlier years.

Autocar Pro News Desk By Autocar Pro News Desk calendar 20 Dec 2023 Views icon1636 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp
Mahindra Logistics divests entire 39.79% stake in Transtech Logistics

 

More than five years after first acquiring a strategic stake in Transtech Logistics Pvt. Ltd. (TLPL), Mahindra Logistics, a third-party logistics provider, announced its decision to divest the entire 39.79% stake it holds in the company. 

Mahindra Logistics, a part of Mumbai-based Mahindra Group, said in a regulatory filing on Wednesday, "In pursuant to the approval granted by the Investment Committee of the Board of Directors of the Company at its meeting held today, viz. Wednesday, 20 December 2023, entered into a Share Purchase Agreement  with Transtech Logistics Private Limited 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 Rs. 10 each and 65,988 Compulsorily Convertible Preference Shares of Rs 50 each, for a consideration of Rs 1,32,176 to be discharged by the Promoter of TLPL in cash to the Company, on the terms and conditions more specifically defined in the agreement".

Mahihdra Logistics stated in the filing that the company has ceased consolidating its share of profit/loss at Transtech Logistics Private Limited  under the equity method since the investment was fully impaired in earlier years.

The revenue from operations of TLPL for the financial year ended March 31, 2023, was Rs 3.26 crore.The net loss of TLPL for the financial year ended March 31, 2023, was Rs. 1 crore. The net worth of TLPL as of March 31, 2023, was Rs 0.04 crore, the company added. 

 

 

RELATED ARTICLES
Emmforce AutoTech to raise Rs 54 crore through IPO on April 23

auther Autocar Pro News Desk calendar19 Apr 2024

The IPO will comprise 5,499,600 equity shares with the company intending to utilise the capital for setting up a new sub...

Bajaj Auto appoints Ramtilak Ananthan as CTO, Abraham Joseph as MD of Chetak Technology

auther Autocar Pro News Desk calendar19 Apr 2024

Ramtilak Ananthan, before being appointed as the Chief Technology Officer, headed the Test and Validation at R&D departm...

InnerCircle: 'EV industry needs to bank on investments and focus on evaluating various technologies', says Krishnan Kohli of Kalyani Powertrains

auther Autocar Pro News Desk calendar19 Apr 2024

The company President and CEO sees the path forward as a combination of fostering competitiveness, addressing supply cha...