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Coimbatore, Jan. 19

Mahindra & Mahindra Financial Services Ltd has said that it would raise Rs 414.2 crore through a preferential allotment of 1,09,00,000 equity shares to two private equity funds at a price of Rs 380 per share. This price represents a premium of more than 20 per cent over Friday’s closing share price of Rs 315. In a communication to the BSE, the company said its board of directors which met on Friday approved the proposed issue of 70,00,000 equity shares to funds managed by TPG Axon Capital (TAC) and 39,00,000 equity shares to funds managed by Standard Chartered Private Equity (SCPE) at a price of Rs 380 per share.

— Our Bureau

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