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Mahindra Financial Services raises Rs 1,056 crore via QIP, stock gains 2.7%

The QIP opened on November 30 and closed on December

Press Trust of India  |  New Delhi 

investment, mutual fund, debenture, money, growth, income

Mahindra and Ltd has raised Rs 1,056 crore through a qualified institutional placement (QIP) issue.

"The securities issue committee of the board of the directors of the company... has approved the allotment of 2,40,00,000 equity 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 Rs 1,056 crore," the company said in a filing.


The QIP opened on November 30 and closed on December 5.

Stock of Mahindra and closed 2.74 per cent higher at Rs 456.20 on the today.

First Published: Thu, December 07 2017. 16:25 IST
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