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Mahindra Finance raises Rs 867 crore via QIP

Posted on Nov 15, 06:22PM | UNI

Mahindra and Mahindra Financial Services (Mahindra Finance), one of the leading services companies in the rural and semi-urban markets, has raised Rs 867 crore through Qualified Institutional Placements (QIP).

Commenting on the issue, Bharat Doshi, Chairman, Mahindra and Mahindra Financial Services said, " The high level of interest shown by leading institutiona investors across the globe, in the current uncertain economic enviornment. Reflects their conference in the Group's track record of corporate governance and the Company's consistent record of good performance." The amount has been raised through the issue of 97,50,257 shares at a price of Rs 889 a share, including a premium of Rs 879 a share in line with the market price of Rs 889 on November 7, 2012, the launch date.

The issue price is at 0.9 per cent premium to the SEBI floor price of Rs 880.70 a share.

Issue subscribed by over 5 times. The company received bids of approximately Rs 4345 crore within 24 hours of launching the issue.

Strong participation by marquee investors across the globe, Mr Doshi said in a statement.