M&M Financial hits 52-week high after QIP launch

The stock hit a 52-week high of Rs 461, up 5% on the BSE in early morning trade.

Mahindra & Mahindra (M&M) Financial Services hit a 52-week high of Rs 461, up 5% on the BSE in early morning trade, after the company launched its qualified institutional placement (QIP) issue on Thursday.

M&M Financial Services has fixed floor price of Rs 439.63 per share, almost same against Thursday’s closing price of Rs 439.65. The company said it may offer a discount of not more than 5% on the floor price.

The board of directors of the company at its meeting held on November 1, 2017 approved the issuance of up to 24 million equity shares of Rs