Nov 15, 2012 09:51 AM IST | Source: Moneycontrol.com

M&M Financial falls 3.4% on equity dilution via QIP

Mahindra & Mahindra Financial Services fell as much as 3.4 percent intraday to hit a low of Rs 931.95 on Tuesday on the back of equity dilution for raising funds.

M&M Financial falls 3.4% on equity dilution via QIP

Mahindra & Mahindra Financial Services fell as much as 3.4 percent intraday to hit a low of Rs 931.95 on Tuesday on the back of equity dilution for raising funds.

The company has raised Rs 866.80 crore via qualified institutional placement of 97.5 lakh equity shares at Rs 889 a share, well below the current market price.

At 16:38 hours IST, the stock declined 2 percent to Rs 945.90 on the Bombay Stock Exchange. Market capitalisation of the company currently stands at Rs 9,837.62 crore.

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