New Delhi: Mahindra & Mahindra Ltd (M&M) on Tuesday said its board has approved sale of a part of shareholding in its arm Mahindra Logistics Ltd (MLL).

The company’s board, which met on Tuesday, has approved sales of a part of its shareholding in Mahindra Logistics, a subsidiary of the company, as part of the proposed initial public offering of MLL, M&M said in a regulatory filing.

The size of the stake sale, price and other details of the IPO will be determined in due course by a committee of directors, it added. Shares of M&M ended 0.49% down at Rs1,417.35 on BSE.