Financial Daily from THE HINDU group of publications
Saturday, Oct 29, 2005
Financial Daily from THE HINDU group of publications Saturday, Oct 29, 2005 |
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Corporate
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Announcements Markets - IPOs M&M Financial plans IPO through book-building route Our Bureau
Mumbai , Oct. 28 MAHINDRA & Mahindra Financial Services Ltd (MMFSL) informed the BSE that it would be coming out with an IPO, a combination of fresh equity issue and dilution by existing shareholders, at a price to be determined through the book-building process. The board decision and disclosure follows M&M's announcement on Wednesday stating the extent of equity dilution it was prepared for in its financial subsidiary. "Subject to the approval of the shareholders, the Board has proposed a fresh issue not exceeding 1.5 crore equity shares including a green shoe option through an IPO at a price to be determined under the book building process. The IPO will also inter alia include an offer of sale not exceeding 1 crore equity shares, aggregating 14.25 per cent of the paid up capital of the company by Mahindra & Mahindra Ltd, the promoter and the holding company and other existing shareholders of the Company," MMFSL's notice to BSE said. The company's authorised share capital is also being raised from Rs 125 crore to Rs 140 crore. MMFSL has also declared an interim dividend of 15 per cent on 7,01,56,080 equity shares of Rs 10 each aggregating Rs 10.52 crore and a dividend of 6.9 per cent on 50,00,000 redeemable preference shares of Rs 100 each aggregating Rs 3.45 crore. Further, it was informed that Dr Pawan Goenka, who is President of M&M's Auto Sector, had joined the board as director.
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