Mahindra & Mahindra Financial Services has received an approval to raise capital through Qualified Institutions Placement (QIP) and Preferential Issue to Mahindra & Mahindra (M&M). The board of directors of the company has approved the issue of equity shares through the QIP route for up to 2.4 crore equity shares/ securities convertible into equity shares and a preferential issue to M&M for up to 2.5 crore equity shares.
Issuance of shares under QIP will enable the company in diversifying its investor base. With investment by M&M through the preferential issue, Mahindra Finance shall continue to remain a subsidiary of M&M and effectively leverage the strategic and financial synergies. The capital to be raised shall be used for business growth and funding requirements, investment in its subsidiaries and joint venture, strengthening its capital adequacy and for general corporate purposes.
Mahindra & Mahindra Financial Services is one of India’s leading non-banking finance companies.
| Company Name | CMP |
|---|---|
| Bajaj Finance | 912.15 |
| Shriram Finance | 1045.90 |
| Aditya Birla Capital | 344.00 |
| Chola Invest & Fin. | 1578.85 |
| Tata Capital | 335.95 |
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