Mahindra & Mahindra Financial Services Ltd allots 2.40 crore shares

The Securities Issue Committee of the Board of the Directors of Mahindra & Mahindra Financial Services Ltd at its Meeting held today i.e., 7th December, 2017 has approved 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 (including a premium of Rs. 438 per Equity Share), aggregating to Rs.1,056 crores.

The QIP opened on 30th November, 2017 and closed on 5th December, 2017.

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 Limited, the holding company ('the Promoter') stands reduced from 53.25% to 51.19%.

Shares of MAHINDRA & MAHINDRA FINANCIAL SERVICES LTD. was last trading in BSE at Rs.456.2 as compared to the previous close of Rs. 444.05. The total number of shares traded during the day was 94829 in over 1708 trades.

The stock hit an intraday high of Rs. 457.55 and intraday low of 445. The net turnover during the day was Rs. 42913282.

Source : Equity Bulls

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