Mahindra & Mahindra Ltd (M&M) has announced its decision to invest in the proposed ₹750 crore rights issue of Mahindra Logistics Limited (MLL), a listed subsidiary of the company. The move follows a board meeting held earlier today, where key decisions regarding funding and senior leadership appointments were also taken.
The board has approved the subscription to equity shares of MLL in full, in line with the company’s rights entitlement. In addition, M&M plans to subscribe to any additional shares that may remain unsubscribed, subject to compliance with applicable laws. The company has also delegated authority to certain principal officers to make the final call on the investment once MLL provides the final terms, including the issue price.
In a related development, M&M also announced a change in its company secretary and compliance officer. Divya Mascarenhas, who was serving in the role in an interim capacity, will step down effective end of day on July 15, 2025. She had also been designated as a key managerial personnel during her tenure.
Stepping into the role from July 16 will be Sailesh Kumar Daga, a seasoned finance and compliance professional. Daga brings with him nearly 30 years of experience, having worked across secretarial, legal, financial, and tax functions in various firms including the Aditya Birla Group, Kuoni/VFS, and Reliance Infra. Most recently, he was associated with Grasim Industries where he led secretarial and compliance functions.
According to the company, Daga’s appointment is expected to strengthen governance and compliance as M&M continues to streamline operations across its subsidiaries.
