Mahindra & Mahindra Financial Services (Mahindra Finance) has received approval to acquire 1,18,91,511 equity shares of Rs 10 each of Mahindra Rural Housing Finance (MRHFL), a subsidiary of the company, at a premium of Rs 231.16, aggregating to Rs 286.78 crore from NHB.
The company is likely to complete the acquisition by June, 2019. The Board of Directors of the Company at its meeting held on March 27, 2019 has approved the same. Consequently, the shareholding of the Company in MRHFL will increase from 88.75% to 98.43% as and when the shares are acquired.
Mahindra Finance one of India’s leading non-banking finance companies.
