New Delhi, Aug 4 (PTI) Mahindra Group’s logistics arm has filed draft papers with markets regulator Sebi to raise an estimated Rs 700 crore through an initial public offering. Also Read - Sex on Their Minds! Online Sale of Sex Toys Rises to 65% Post COVID-19 Lockdown in India, Mumbai Tops the List

The public issue of Mahindra Logistics comprises sale of 1,93,32,346 equity shares. This includes sale of 96,66,173 shares, amounting to 13.74 per cent stake, by the parent firm Mahindra and Mahindra Ltd, according to the draft papers. Also Read - USA's Academy of Motion Picture Arts & Sciences Invites 3 Jamia Millia Islamia Alumni to Judge The Oscars

Besides, Normandy Holdings would sell 92,71,180 shares, while Kedara Capital would offload 3,94,993 scrips. Also Read - OPINION | Fans' Cringeworthy Reactions to 16-Year-Old TikTok Star Siya Kakkar's Death by Suicide Brings us to Square One of Mental Health Discussion

According to sources, the company is expected to garner Rs 700 crore through the initial public offer (IPO).

“The objects of the offer are to achieve the benefits of listing the equity shares on the stock exchanges. Further, our company expects that listing of the equity shares will enhance our visibility and brand image and provide liquidity to our shareholders,” Mahindra Logistics said.

The company provides logistics solutions, warehousing, freight forwarding and supply chain services.

Kotak Mahindra Capital Company and Axis Capital will manage the company’s IPO.

This is published unedited from the PTI feed.