Mahindra Finance QIP priced at Rs.889

Mahindra & Mahindra Financial Services Ltd has concluded its capital raising exercise through Qualified Institutions Placement (QIP).

The company has raised Rs.867 crores through the issue of 97,50,257 equity shares at a price of Rs.889 per equity share including a premium of Rs.879 per equity share in line with the market price of Rs.889 on November 7, 2012, the launch date. The issue price is at a 0.94% premium to the SEBI floor price of Rs.880.70 a share.

The issue was subscribed by over 5 times and the company received bids for approximately Rs.4345 crores within 24 hours of launching the issue.

Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited, JM Financial Institutional Securities Private Limited, Deutsche Equities India Private Limited and HSBC Securities and Capital Markets (India) Private Limited acted as the book-running lead managers for this QIP.

The Mahindra & Mahindra Financial Services Ltd stock was trading at Rs.986.50, up by Rs.37.50 or 3.95%. The stock hit an intraday high of Rs.1024.65 and low of Rs.925.05.

The total traded quantity was 0.67 lakhs compared to 2 week average of 0.49 lakhs.

Source : Equity Bulls

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