M&M Financial Service selling shares to raise about $160 mln - sources

Mahindra & Mahindra Financial Services , which provides financial services in the rural and semi-urban areas, launched a share sale on Wednesday to raise about $160 million, two sources with direct knowledge of the situation said.

The company is selling shares to institutional investors in the price band of 881-889 rupees a share, said the sources, declining to be named as they were not authorised to speak to the media.

Shares in M&M Financial, which the market values at $1.7 billion, ended 0.4 percent lower on Wednesday at 889.80 rupees, while the main Mumbai market index closed 0.5 percent higher.