Mahindra Finance Rights Issue subscribed 1.3 times

Non-banking finance company, Mahindra & Mahindra Financial Services , successful raised Rs 3, 088.82 crore through its fast track Rights Issue. It was subscribed approximately 1.3 times.

On the success of the Rights Issue, Ramesh Iyer, Vice-Chairman and Managing Director, Mahindra Finance said, “We are greatly encouraged by the response from our shareholders and thank them for the faith they have entrusted in us. The success of the Rights Issue will enable us to capitalise on the growth opportunities that lie ahead with increased vigour, and continue with our mission to drive financial inclusion in rural and semi-urban geographies.”

The Rights Issue saw significant investor interest from small investors and institutional investors — both Indian and foreign.

The allotment of equity shares to the Rights Issue will happen on or about August 21, 2020 and such equity shares are expected to be listed on the BSE Limited and National Stock Exchange of India Limited on or about August 27, 2020.

Kotak Mahindra Capital Company Limited, Axis Capital Limited, BNP Paribas, Citigroup Global Markets Private Limited, HDFC Bank Limited, HSBC Securities and Capital Markets (India) Private Limited, ICICI Securities Limited, Nomura Financial Advisory and Securities (India) Private Limited and SBI Capital Markets Limited acted as the lead managers to the Rights Issue.

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Free Press Journal