Mahindra and Mahindra Ltd has stated that with respect to the Initial Public Offering of Mahindra Logistics Limited, a subsidiary of the Company, the price band for the Offer has been fixed at Rs.425 to Rs.429 per equity share of Rs.10/- each of MLL, with an employee discount of Rs.42 that will be offered to Eligible Employees [as defined in the Red Herring Prospectus (‘RHP’)] on the terms and conditions as stipulated in the RHP.
The Offer will be open for subscription to public on 31st October, 2017 and shall close on 2nd November, 2017 (both days inclusive).
The Offer is being made through the Book Building Process and in compliance with Regulation 26(1) of the SEBI ICDR Regulations, wherein not more than 50% of the Net Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs”) (the “QIB Category”), provided that the Company and the Selling Shareholders, in consultation with the BRLMs, may allocate up to 60% of the QIB Category to Anchor Investors, on a discretionary basis (the “Anchor Investor Portion”), of which one-third shall be reserved for domestic Mutual Funds, subject to valid Bids being received from domestic Mutual Funds at or above the price at which allocation is made to Anchor Investors. Further, 5% of the QIB Category (excluding the Anchor Investor Portion) shall be available for allocation on a proportionate basis to Mutual Funds only.
The remainder of the QIB Category shall be available for allocation on a proportionate basis to QIBs, subject to valid Bids being received from them at or above the Offer Price. Further, not less than 15% of the Net Offer will be available for allocation on a proportionate basis to Non-Institutional Investors and not less than 35% of the Net Offer will be available for allocation to Retail Individual Investors, in accordance with the SEBI ICDR Regulations, subject to valid Bids being received at or above the Offer Price.
The BRLMs to the Offer are Kotak Mahindra Capital Company Limited and Axis Capital Limited.