M&M to increase stake in financial services arm

M&M to increase stake in financial services arm

50

Mahindra and Mahindra Ltd said that the Company has approved an investment of an amount not exceeding Rs.1,160 cores, in one or more tranches in the aggregate, by way of subscribing to the preferential issue of Equity Shares of Mahindra & Mahindra Financial Services Limited, a Listed Subsidiary of the Company (‘MMFSL’).

The Company has agreed to subscribe to 2,50,00,000 Equity Shares of Rs.2 each of MMFSL at a premium of Rs.420 per share on Preferential basis. Pursuant to the above, the shareholding of the Company in MMFSL would increase from 51.20% to 53.25%.