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| Exchange Received Time 03/08/2017 19:37:06 Exchange Disseminated Time 03/08/2017 19:37:15 Time Taken 00:00:09 | This is in furtherance of our letter dated 13th June, 2017 wherein we have informed you that the Board of Directors of Mahindra & Mahindra Limited ('the Company'), at its Meeting held on 13th June, 2017, approved sale of part of its shareholding in Mahindra Logistics Limited ('MLL'), a subsidiary of the Company, as part of the proposed Initial Public Offering of MLL ('IPO'), subject to requisite approvals and market conditions and also authorised the Committee of Directors to determine the size of the stake sale, price and other details thereto.
We wish to further inform you that the Loans & Investment Committee of Directors at its Meeting held today, approved the offer for sale of up to 96,66,173 Equity Shares of Rs.10 each held by the Company in MLL representing up to 13.74% of the existing issued and paid-up equity share capital of MLL, as part of the proposed IPO. The selling price per Equity Share will be fixed through the book building process in accordance with Securities and
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