"...the Board of Directors of the company at its meeting held today... approved the allotment of 2,50,00,000 equity shares of face value Rs 2 each to Mahindra & Mahindra Limited... at the issue price of Rs 422 per equity share, aggregating to Rs 1,055 crores," Mahindra Finance said in a regulatory filing.
After this additional allotment of shares to the parent company, the shareholding of Mahindra & Mahindra 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 added.
Mahindra & Mahindra shares closed 1.63 per cent down at Rs 1,410.50 apiece on BSE, while Mahindra Finance closed 2.21 per cent down at Rs 439.65 per unit.
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