Mahindra Finance raises Rs 1,055 crore on preferential basis

Mahindra & Mahindra Financial Services (Mahindra Finance) has received an approval for allotment of 2,50,00,000 equity shares of face value Rs 2 each to Mahindra & Mahindra (M&M), the holding company, at the Issue Price of Rs 422 per equity share, aggregating to Rs 1,055 crore. The Securities Issue Committee of the Board of Directors of the Company at its meeting held on November 30, 2017 has approved for the same.

Pursuant to this allotment, the paid-up share capital of the company stands increased from 56,87,64,960 equity shares to 59,37,64,960 equity shares and the percentage shareholding of M&M stands increased from 51.20% to 53.25%.

Mahindra & Mahindra Financial Services is one of India's leading non-banking finance companies.