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Mahindra Finance surges on raising Rs 1,056 crore

  • Dec-07-2017
  • 15 Hrs IST

Mahindra & Mahindra Financial Services is currently trading at Rs. 455.65, up by 11.60 points or 2.61% from its previous closing of Rs. 444.05 on the BSE.

The scrip opened at Rs. 445.30 and has touched a high and low of Rs. 457.20 and Rs. 445.00 respectively. So far 76548 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 461.00 on 01-Dec-2017 and a 52 week low of Rs. 244.35 on 27-Dec-2016.

Last one week high and low of the scrip stood at Rs. 461.00 and Rs. 429.00 respectively. The current market cap of the company is Rs. 27043.03 crore.

The promoters holding in the company stood at 51.20%, while Institutions and Non-Institutions held 42.26% and 6.54% respectively.

Mahindra & Mahindra Financial Services (Mahindra Finance) has received an approval for the allotment of 2,40,00,000 Equity Shares of the face value of Rs 2 each to Qualified Institutional Buyers under the Qualified Institutions Placement at the Issue Price of Rs 440 per Equity Share, aggregating to Rs 1,056 crore. The Securities Issue Committee of the Board of the Directors of the company at its Meeting held on December 7, 2017, approved the same.

Pursuant to this allotment, the paid-up share capital of the company stands increased from 59,37,64,960 Equity Shares to 61,77,64,960 Equity Shares. As a consequence of the increase in the paid-up capital of the company, the percentage shareholding of Mahindra & Mahindra, the holding company (the Promoter) stands reduced from 53.25% to 51.19%.

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