Mahindra Logistics shares jumped more than 2% in morning trade after its Board of Directors approved an investment of up to ₹50 crore in its wholly-owned subsidiary, MLL Express Services Private Limited (MESPL).
The investment will be executed through a rights issue of 5 crore equity shares at ₹10per share, payable in cash.
The capital infusion is intended to fulfil MESPL’s working capital requirements, support its ongoing operations and fund general corporate objectives. MESPL, which provides B2B express logistics services under the brand name “Rivigo by Mahindra Logistics,” generated a turnover of ₹364.22 crore in FY 2023-24.
As of 10:56 am, Mahindra Logistics shares were trading 2.15% higher at Rs 490.45 on the NSE.
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