Mahindra & Mahindra Financial Services Ltd board approves rights issue of Rs. 3500 crores

The Board of Directors ("Board") of Mahindra & Mahindra Financial Services Limited ("Company"), in its meeting held today, viz. Monday, 1st June, 2020, considered and approved a fund raising of an amount not exceeding Rs. 3,500 Crores (Rupees Three Thousand Five Hundred Crores), through a Rights Issue.

The Board approved the offer and issuance of fully paid-up equity shares of the Company for an amount not exceeding Rs. 3,500 Crores (Rupees Three Thousand Five Hundred Crores) by way of a Rights Issue to the eligible equity shareholders of the Company as on the record date (to be notified subsequently), in accordance with applicable laws, including the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended, along with the relevant circulars issued by the Securities and Exchange Board of India ("Rights Issue").

Further, the Board has authorised the Rights Issue Committee to proceed with the Rights Issue forthwith, and decide the other terms and conditions of the Rights Issue, including setting the record date, determining the price, appointment of intermediaries and various other related matters.

Shares of MAHINDRA & MAHINDRA FINANCIAL SERVICES LTD. was last trading in BSE at Rs.139.95 as compared to the previous close of Rs. 136.55. The total number of shares traded during the day was 1706750 in over 13348 trades.

The stock hit an intraday high of Rs. 144.15 and intraday low of 133.5. The net turnover during the day was Rs. 239683030.

Source : Equity Bulls

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