Mahindra Finance to raise Rs 426 cr via QIP

Mahindra Finance, a group company of Mahindra & Mahindra, today said it would raise Rs 426.2 crore through qualified institutional placement (QIP).

The company would raise the fund through allotment of 61.33 lakh shares of the company to qualified institutional buyers, Mahindra Finance said in a filing to the Bombay Stock Exchange (BSE).

The fund raised would be utilised for expansion plan of the company.

Mahindra Finance provides loans for utility vehicles, tractors, cars, commercial vehicles, construction equipment and personal loans.