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M&M Financial jumps 10% as stock turns ex-date today for 1:1 rights issue

The board on Saturday, July 18, approved a 1:1 rights issue at Rs 50 per share, amounting to Rs 3,089 crore.

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Stock brokers (Photo credit: Kamlesh Pednekar)

SI Reporter Mumbai
Shares of Mahindra & Mahindra (M&M) Financial Services were up 10 per cent to Rs 152.75 (adjusted to a rights issue) in early morning trade on the BSE on Wednesday after the stock goes ex-rights today.

The board of directors of the company on Saturday, July 18, approved a 1:1 rights issue at Rs 50 per share, amounting to Rs 3,089 crore. The board has fixed Thursday, July 23, 2020, as the record date for the purpose of determining the shareholders of the company who will be eligible to receive rights entitlements in the Issue.

The record date is the cut-off date

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First Published: Jul 22 2020 | 10:07 AM IST

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