Mahindra & Mahindra Financial Services Limited (MMFSL) is one of the leading non-banking finance companies (NBFCs) with customers primarily in the rural and semi-urban markets of India. It is part of the Mahindra group which is one of the largest business conglomerates in India. MMFSL is primarily engaged in providing financing for new and pre-owned auto and utility vehicles tractors cars and commercial vehicles. The company also provides housing finance personal loans financing to small and medium enterprises insurance broking and mutual fund distribution services. MMFSL has 1291 offices and reaches out to customers spread over 3.5 lakh villages and 7000 towns across India.MMFSL's insurance broking subsidiary Mahindra Insurance Brokers Limited (MIBL) is a licensed Composite Broker providing Direct and Reinsurance broking services. Another subsidiary Mahindra Rural Housing Finance Limited (MRHFL) provides loans for purchase renovation construction of houses to individuals in the rural and semi-urban areas of the country. Mahindra Asset Management Company Private Limited (MAMCPL) a wholly-owned subsidiary of MMFSL is acting as the Investment Manager of Mahindra Mutual Fund. MMFSL also has a JV in US Mahindra Finance USA LLC in partnership with De Lage Landen a subsidiary of Rabo Bank for financing Mahindra tractors in US.M&M FSL was incorporated on 1st January 1991 as Maxi Motors Financial Services Limited. M&M FSL had received certificate of commencement of business on 19th February of the year 1991. The company's name was changed from Maxi Motors Financial Services Limited to Mahindra & Mahindra Financial Services Limited on November 3 1992. During the year 1993 the company had commenced financing of M&M Utility Vehicles as part of its work. M&M FSL had opened its first branch outside Mumbai at Jaipur in the year 1995. Financing to M&M dealers for purchase of tractors was added to the company's activities in the year 1996. M&M FSL had registered with the Reserve Bank of India (RBI) as a Non Banking Finance Company (NBFC) with effect from 4th September of the year 1998. Also in the same year of 1998 the company had launched pilot project for retail tractor financing. After a year in 1999 M&M FSL had started tractor retail financing in rural and semi-urban areas. During the year 2002 apart from its parent company vehicles the company started to financing of non-M&M vehicles and also in the same year received Tier II debt from International Finance Corporation. In November of the year 2003 in recognition of its global competitiveness in terms of cost and quality M&M received the Deming Prize awarded by the Japanese Union of Scientists & Engineers. M&M is the first tractor manufacturer in the world to receive this prize. M&M FSL had received a long-term credit rating of AA+/Stable in the year 2004 and had opened a branch in Port Blair during the same year of 2004. During the year 2005 the company made tie up with Hindustan Petroleum Corporation Limited (HPCL) and formed Mahindra Insurance Brokers Ltd (MIBL) as a wholly owned subsidiary to undertake the insurance and related activities. The company had issued Initial Public Offerings (IPO) in the year of 2006. Also in the same year M&M FSL made a tie up with Maruti to provide finance to all of the latter's products launched its marketing campaign and reached a new benchmark with 400 branches. M&M FSL won the 'Pioneer Award' in the individual category of the Enterprise Connect Award 2007 instituted by Cybermedia India Online Ltd (CIOL) and Dataquest. As part of diversification the company had forayed into the business of rural housing finance with the incorporation of Mahindra Rural Housing Finance Limited (MRHFL) on 9th April 2007 as the second wholly owned subsidiary. M&M FSL had honored with the Amity HR Excellence Award for Retention by the Amity Business School Noida in August of the year 2008.In 2010 the company added More than 2 lakh new customer contracts in a financial year for the first time. And the company's branch network also crossed 550 branches. In 2011 the company came out with a QIP Issue. The company also entered into a Joint Venture with with Rabobank subsidiary for tractor financing in USA. In 2012 the company won the inaugural porter prize in the category of Creating Distinctive Value and also first runners up at CNBC TV18 Best Bank & Financial Institution awards. In 2013 the company & Mahindra Finance sign MOU for Joint Venture. During 2015 the company wins the Golden Peacock National Training Award.On 30th September 2015 Mahindra and Mahindra Financial Services Ltd (MMFSL) was successfully appraised and rated at Maturity Level 3 of the People Capability Maturity Model (People-CMM). People CMM is a framework for organizational change through streamlined people management. At maturity Level 3 of the People CMM MMFSL has implemented robust HR processes and aligned itself to a competency framework.On 4 February 2016 Mahindra and Mahindra Financial Services Ltd (MMFSL) announced that its wholly owned subsidiary Mahindra Asset Management Company Private Limited has received the approval from the Securities and Exchange Board of India (Sebi) to act as the asset management company to the Mahindra Mutual Fund set up by the company. The Committee of Directors of Mahindra and Mahindra Financial Services Ltd (MMFSL) at its meeting held on 26 July 2017 approved the investment of an amount not exceeding Rs 25 crore in the equity share capital of Orizonte Business Solutions Limited (OBSL) in or more tranches. OBSL is operating the platform SmartShift which is a load exchange platform for small commercial vehicles. OBSL is a subsidiary of Mahindra & Mahindra.The Board of Directors of Mahindra and Mahindra Financial Services Ltd (MMFSL) at its meeting held on 6 October 2017 considered and approved the raising of funds by way of issue of equity shares or convertible securities subject to receipt of necessary approvals if any for an amount not exceeding Rs 2250 crore through any permissible mode as may be considered appropriate. On 16 October 2017 Mahindra Insurance Brokers Ltd. (MIBL) announced that XL Group through its subsidiaries will acquire a 20% minority stake in the company subject to satisfaction of customary closing conditions by all stakeholders. The existing shareholder in MIBL LeapFrog Financial Inclusion Fund through its subsidiary Inclusion Resources Private Ltd (IRPL) currently holds a 15% equity stake in MIBL. It will purchase an additional 5% stake in MIBL from Mahindra & Mahindra Financial Services Ltd. (MMFSL) (taking its total equity stake in MIBL to 20%) and immediately sell the entire capital of IRPL to XL Group subject to necessary regulatory approvals. XL Group through its subsidiaries and under the XL Catlin brand is a global insurance and reinsurance company providing property casualty and specialty products to industrial commercial and professional firms insurance companies and other enterprises throughout the world. MIBL is a leading insurance broker primarily serving rural and semi-urban India. MIBL is a subsidiary of MMFSL.On 1 November 2017 Mahindra & Mahindra Financial Services Limited (MMFSL) announced that its Board of Directors approved the issue of equity shares through the Qualified Institutions Placement (QIP) route for upto 2.4 crore equity shares/securities convertible into equity shares and a preferential issue to Mahindra & Mahindra Limited (M&M) for up to 2.5 crore equity shares. The pricing for the same shall be in compliance with the pricing formula under SEBI regulations. Issuance of shares under QIP will enable the company in diversifying its investor base. With investment by M&M through the preferential issue MMFSL shall continue to remain a subsidiary of M&M and effectively leverage the strategic and financial synergies. The capital to be raised shall be used for business growth and funding requirements investment in its subsidiaries and joint venture strengthening its capital adequacy and for general corporate purposes.On 30 November 2017 Mahindra & Mahindra Financial Services Ltd (MMFSL) announced that it has raised Rs 1055 crore from preferential issue of equity shares to promoter Mahindra & Mahindra (M&M) at issue price of Rs 422 per share. On 7 December 2017 Mahindra & Mahindra Financial Services Ltd (MMFSL) announced that it has successfully raised Rs 1056 crore from Qualified Institutions Placement (QIP) of equity shares at issue price of Rs 440 per share. The QIP opened for bidding on 30 November 2017 and closed on 5 December 2017.On 3 July 2018 Mahindra & Mahindra Financial Services Ltd (MMFSL) announced that IFC a member of the World Bank Group has invested Rs 6.4 billion ($100 million) in the company through secured nonconvertible debentures. This investment will enable MMFSL to further augment its growth by extending loans to individuals including farmers to buy tractors vehicles and other equipment along with financing small and medium enterprises. IFC is the world's largest development finance institution focused on the private sector. Since 1956 it has invested in over 400 companies in India providing $17 billion in financing to the private sector.The Committee of Directors of Mahindra & Mahindra Financial Services Ltd (MMFSL) at its Meeting held on 17 July 2018 approved the investment of an amount not exceeding Rs 4 crore in the aggregate by way of subscribing to and/or acquiring Equity Shares and/or Convertible Securities including Optionally Convertible Debentures/Compulsorily Convertible Debentures at par or at a premium in one or more tranches in AAPCA Demystifying Data Technologies Private Limited. AAPCA is engaged in the business of providing information technology products platforms frameworks and services including but not limited to financing providing data sciences and analytical services.