Shares of Mahindra and Mahindra Financial Services today surged to its 52-week high level on the bourses, but pared some gains and settled up nearly 1 per cent following its fundraising plans.
The company in a regulatory filing yesterday said it has authorised a QIP issue on November 30, 2017 and the floor price for the same was fixed at Rs 439.63 per share.
Moreover, Mahindra & Mahindra (M&M) has bought over 2 per cent additional stake in its subsidiary Mahindra Financial Services at an estimated cost of Rs 1,055 crore through preferential allotment of shares.
Accordingly, the shares of the company surged to an intra-day high of Rs 461.00, its 52-week high level on BSE. The stock however pared some gains and was quoted at Rs 443.15, up 0.80 per cent on BSE at the end of today's trading session.
On NSE also, the stock rallied 5.20 per cent to an intra-day high of Rs 461.20. It later settled for the day at Rs 444, up 1.28 per cent.
After this additional allotment of shares to the parent company, shareholding of M&M has increased from 51.20 per cent (29,12,07,660 equity shares) to 53.25 per cent (31,62,07,660 shares) in Mahindra Finance, it said in the filing.
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