Mahindra Finance to raise up to Rs 3,500 cr

By Author  |  Published: 1st Jun 2020  6:22 pm

New Delhi: Mahindra and Mahindra Financial Services Ltd (Mahindra Finance) on Monday said it will raise up to Rs 3,500 crore through rights issue of shares.

The board of directors in its meeting on Monday considered and approved a fundraising of up to Rs 3,500 crore through rights issue, Mahindra Finance said in a regulatory filing.

Mahindra Finance said the board of directors also approved the increase in authorised share capital, pending shareholders’ approval, in the ensuing annual general meeting on June 30 through video-conferencing.

Shares of Mahindra Finance on Monday closed 3.89 per cent higher at Rs 145.40 on the BSE.