M&M Financial Services raises Rs1,056 Cr, via QIP

Mahindra & Mahindra Financial Services Limited has raised Rs 1056 cr, through a qualified institutional placement (QIP) issue.

The company in its BSE filing reads:- The securities issue committee of the board of the directors of Mahindra & Mahindra Financial Services Limited has approved the allotment of 2,40,00,000 equity shares of face value of Rs.2.00 each to qualified institutional buyers under the qualified institutions placement (QIP) at the issue price of Rs.440/- per equity share aggregating Rs. 1,056 cr.” The qualified institutional placement opened on Nov 30 and closed on Dec 5.

Shares of Mahindra & Mahindra Financial Services on Thursday rose 2.74 percent to Rs. 456.20 on the BSE while the benchmark Sensex surged 1.08 percent points to end the day at 32,949.21 points.