Moneycontrol
Get App
you are here: HomeNewsBusiness
Last Updated : Nov 29, 2017 10:26 PM IST | Source: PTI

M&M to hike stake in financial services arm, invest Rs 1,055cr

The company has agreed to subscribe 2.5 crore equity shares of Rs 2 each of MMFSL at a premium of Rs 420 per share on a preferential basis, Mahindra & Mahindra (M&M) said in a BSE filing.

 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

Mahindra & Mahindra said it will increase holding in its arm Mahindra & Mahindra Financial Services Ltd (MMFSL) to 53.25 percent through the acquisition of 2.5 crore shares for a cash consideration of Rs 1,055 crore.

The company has agreed to subscribe 2.5 crore equity shares of Rs 2 each of MMFSL at a premium of Rs 420 per share on a preferential basis, Mahindra & Mahindra (M&M) said in a BSE filing.

After the acquisition, the company's holding in MMFSL will increase to 53.25 percent from 51.2 percent earlier, it added.

MMFSL is making the preferential issue to augment its long-term resources to meet its business growth and funding requirements, investment in its subsidiaries and joint ventures, meeting long-term working capital requirements, among others, the filing said. The acquisition is expected to be completed by December 14, 2017, M&M added.
First Published on Nov 29, 2017 09:25 pm

tags #Business

More From
Loading...
Sections
Follow us on
Available On
PCI DSS Compliant