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30-Nov2017

Mahindra & Mahindra to hike stake in MMFSL to 53.25%

Mahindra & Mahindra (M&M) has agreed to subscribe to 2,50,00,000 equity shares of Rs 2 each of Mahindra & Mahindra Financial Services (MMFSL) at a premium of Rs 420 per share on Preferential basis. Pursuant to the above, the shareholding of the company in MMFSL would increase from 51.20% to 53.25%.

Earlier, the company had approved an investment of an amount not exceeding Rs 1,160 core, in one or more tranches in the aggregate, by way of subscribing to the preferential issue of equity shares of MMFSL, a listed subsidiary of the company.

M&M is the flagship company of the Mahindra Group, a multinational conglomerate based in Mumbai, India. Amongst the various business interests of its parent group, the company is mainly involved in the automobile manufacturing. It is one of the leading auto companies of India.




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