M&M Financial gains 12% on 1:1 rights issues at Rs 50 per share

M&M said that its board has approved to subscribe to the equity shares of MMFSL to the full extent of the Company's rights entitlement.

Shares of Mahindra & Mahindra Financial Services (MMFSL) were up 12 per cent to Rs 234 in the intra-day trade on the BSE on Monday after the company said its board approved a 1:1 rights issue at Rs 50 per share, amounting to Rs 3,089 crore.

The record date for the same is July 23, 2020. The rights issue will open on July 28 and close on August 11, 2020. The full amount of the issue price will be payable on application.

In a separate regulatory filing, Mahindra & Mahindra (M&M), the promoter of the company informed the stock exchanges that the