Mahindra & Mahindra Financial Services announced that the Board of Directors of the Company at its Meeting held on 7 December, 2017 has approved the allotment of 2,40,00,000 Equity Shares of the face value of Rs. 2 each to Qualified Institutional Buyers under the Qualified Institutions Placement at the Issue Price of Rs.440 per Equity Share (including a premium of Rs. 438 per Equity Share), aggregating to Rs.1,056 crores.
Pursuant to this allotment, the paid-up share capital of the Company stands increased from 59,37,64,960 Equity Shares to 61,77,64,960 Equity Shares.
As a consequence of the increase in the paid-up capital of the Company, the percentage shareholding of Mahindra & Mahindra, the holding company (`the Promoter`) stands reduced from 53.25% to 51.19%.
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