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Home STOCKS Mahindra Finance raises Rs 3,089 crore through rights issue

Mahindra Finance raises Rs 3,089 crore through rights issue

NEW DELHI: Mahindra & Mahindra Economical Expert services (Mahindra Finance) has elevated Rs 3,089 crore by issuing equity shares to existing traders. The board of administrators of the company had previously on June 1, 2020 accredited issuance of equity shares by way of rights issue to suitable equity shareholders of the organization for an aggregate amount of money not exceeding Rs 3,089 crore.
“In relation to the aforesaid issue…the Rights Issue Committee, at its assembly held on August 17th, 2020 deemed and accredited the allotment of 61,77,64,960 equity shares at a price of Rs 50 for every equity share (including a premium of Rs 48 per equity share),” Mahindra Finance has explained in a regulatory filing.
A rights issue requires supplying added shares to present shareholders in proportion to their current holdings.
Pursuant to the allotment, the compensated-up equity share capital of the business stands increased from 61,77,64,960 equity shares to 123,55,29,920 equity shares, it explained.
Even more, the proportion of shareholding of Mahindra & Mahindra Restricted, holding company (promoter), stands increased from 51.19 per cent to 52.16 per cent, it additional.
Shares of Mahindra Finance closed 2.18 for each cent up at Rs 136.15 apiece on the BSE.

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