Mahindra Logistics shares rose 5% to Rs 407.9 on the BSE in Thursdays trade after the companys board approved a Rs 750 crore rights issue.The board has cleared the issuance of 2.7 crore fully paid-up equity shares at a price of Rs 277 per share, including a premium of Rs 267.
The entire amount will be payable at the time of application.The record date for determining eligible shareholders is 23 July 2025.
Investors will receive 3 rights shares for every 8 shares held.The rights issue will open on 31 July and close on 14 August 2025.
Rights Entitlements (REs) can be traded on the stock exchanges or transferred off-market.
If no application is made before the closing date, the REs will lapse.Upon full subscription, the companys outstanding equity shares will increase from 7.21 crore to 9.91 crore.Live EventsAlso Read: 9 undervalued mid-cap stocks with upside potential of up to 23%Mahindra Logistics share price targetAccording to Trendlyne, the average target price for Mahindra Logistics is Rs 360, indicating a potential downside of nearly 11% from current levels.
Among 10 analysts tracking the stock, the consensus rating is Hold.Technically, the stock is in a strong uptrend.
The Relative Strength Index (RSI) stands at 79.4, indicating overbought conditions and the potential for a near-term pullback.
However, the MACD remains positive and above both its center and signal lines, confirming bullish momentum.The stock is currently trading above all key moving averages5-day, 10-day, 20-day, 30-day, 50-day, 100-day, 150-day, and 200-dayreinforcing the strength of the ongoing uptrend.Also Read: SBI, Federal Bank among 11 banks that saw NPA improvement in Q4Mahindra Logistics shares performanceYear-to-date, the stock is up 5%, with a 35% gain over the past three months.
The company's current market capitalisation is Rs 2,906.9 crore.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own.
These do not represent the views of the Economic Times)