Mahindra & Mahindra Financial Services approves issue of preference shares

The Board of Directors of Mahindra & Mahindra Financial Services Ltd at its meeting held on January 21, 2012, has approved the issue of Preference Shares upto an amount not exceeding Rs. 50 crores on a private placement basis on such terms and conditions as may be decided at the time of issue subject to the approval of the shareholders.

The Company would be seeking the consent of the shareholders for the aforesaid issue by a Postal Ballot in accordance with Section 192A of the Companies Act, 1956 read with the Companies (Passing of the Resolution by Postal Ballot) Rules, 2011.

The Mahindra & Mahindra Financial Services Ltd stock closed the day at Rs.659.20, down by Rs.10.65 or 1.59%. The stock hit an intraday high of Rs.683 and low of Rs.654.10.

The total traded quantity was 5197 compared to 2 week average of 26093.

Source : Equity Bulls

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