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M&M Financial stocks gain on share-sale plan

Press Trust of India  |  New Delhi 

of Mahindra and Mahindra Financial Services today surged to its 52-week high level on the bourses, but pared some gains and settled up nearly 1 per cent following its fundraising plans.

The company in a regulatory filing yesterday said it has authorised a QIP issue on November 30, 2017 and the floor price for the same was fixed at Rs 439.63 per share.

Moreover, (M&M) has bought over 2 per cent additional stake in its subsidiary Mahindra Financial Services at an estimated cost of Rs 1,055 crore through preferential allotment of

Accordingly, the of the company surged to an intra-day high of Rs 461.00, its 52-week high level on The stock however pared some gains and was quoted at Rs 443.15, up 0.80 per cent on at the end of today's trading session.

On also, the stock rallied 5.20 per cent to an intra-day high of Rs 461.20. It later settled for the day at Rs 444, up 1.28 per cent.

After this additional allotment of shares to the parent company, shareholding of M&M has increased from 51.20 per cent (29,12,07,660 equity shares) to 53.25 per cent (31,62,07,660 shares) in Mahindra Finance, it said in the filing.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, December 01 2017. 17:55 IST