Mahindra Finance rights issue subscribed 1.3 times
The rights issue of non-banking finance company was opened for subscription on July 28 and the closing date was August 11.
August 12, 2020 / 10:01 PM IST
The rights issue of Mahindra & Mahindra Financial Services (Mahindra Finance) has been subscribed nearly 1.3 times. The issue saw a demand for over Rs 4,000 crore worth of shares against its offer size of Rs 3,088.82 crore.
"The success of the rights issue will enable us to capitalise on the growth opportunities that lie ahead with increased vigour, and continue with our mission to drive financial inclusion in rural and semi-urban geographies," Ramesh Iyer, its Vice-Chairman & Managing Director, said.
The rights issue of the non-banking finance company was opened for subscription from July 28 to August 11.
"The allotment of equity shares will happen on or about August 21 and such equity shares are expected to be listed on the BSE and National Stock Exchange on August 27," the company said in a statement.
Mahindra Finance is engaged in providing financing for new and pre-owned auto and utility vehicle, tractors and commercial vehicles. It provides housing finance, financing to small and medium enterprises (SMEs) and offers fixed deposits.
Kotak Mahindra Capital Company, Axis Capital, BNP Paribas, Citigroup Global Markets, HDFC Bank, HSBC Securities and Capital Markets (India), ICICI Securities, Nomura Financial Advisory and Securities (India) and SBI Capital Markets acted as the lead managers to the rights issue.