Shares of Mahindra & Mahindra Financial Services hit a record high on share sale.
The stock jumped as much as 5.2 per cent to a record high of Rs 461.2 as the non-bank financier has raised up to Rs 1,056 crore ($164 million) by selling new shares to institutions.
The company is selling up to 24 million shares, or 4 pct of its current equity capital, IFR says.
It add that the fund raising will help boost the capital adequacy ratio.
Kotak, Citi, ICICI, JM Financial and Nomura are the joint bookrunners for the share sale. The stock has risen 62.2 per cent this year up to Thursday.