Mahindra Mumbai: Mahindra Logistics, a part of the Mahindra Group, on Monday said it has acquired a 60 per cent stake in Hyderabad-based last-mile delivery logistics firm ZipZap Logistics for Rs 71.73 crore.
"Mahindra Logistics has entered into share purchase agreement, share subscription agreement and shareholders' agreement for acquisition of up to 43,972 equity shares and for subscribing up to 63,200 Series A compulsorily convertible cumulative preference shares of ZipZap Logistics (Whizzard) in tranches," it said in a regulatory filing.
The arrangement includes purchase of up to 43,972 of equity shares of Rs 1 each at premium of Rs 6,692.02 per share and subscription up to 63,200 Series A compulsory convertible cumulative preference shares (CCCPS) of Rs 100 each at premium of Rs 6,593.02 per CCCPS, accumulating to Rs 71.73 crore.
"The objective of the acquisition is to enhance the Mahindra Logistics' presence and capabilities in the last-mile delivery and fulfillment services for its customers," the company said.
Expanding technology based last mile services is an integral part of the company's growth strategy and this transaction will help accelerate addition of technology, geographical coverage and operational capabilities, it said.
Tech-enabled ZipZap, which operates under the brand name Whizzard, operates an intracity distribution network for digital commerce and last mile delivery services.
(With UNI inputs)
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