MUMBAI: Mahindra Logistics on Wednesday announced the sale of entire 39.79 per cent stake in its associate company Transtech Logistics Pvt Ltd (TLPL).

Post completion of this sale, TLPL would cease to be an associate of the company.

‘’The company...at its meeting held today....entered into a share purchase agreement with Transtech Logistics Pvt Ltd... for sale/transfer of the 39.79 per cent stake held by the company in TLPL ie, 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,’’ Mahindra Logistics said in a filing to BSE.

Revenue from operations of TLPL for the financial year ended March 31, 2023 was Rs 3.26 crore.