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Board of Mahindra & Mahindra Financial Services approves allotment of 2.40 cr shares under QIP issue

Capital Market 

At meeting held on 07 December 2017

Financial Services announced that the Board of Directors of the Company at its Meeting held on 7 December, 2017 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 (including a premium of Rs. 438 per Equity Share), aggregating to Rs.1,056 crores.

Pursuant to this allotment, the paid-up share capital of the Company stands increased from 59,37,64,960 Equity to 61,77,64,960 Equity

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%.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, December 07 2017. 14:42 IST