The board of Mahindra and Mahindra Financial Services on Saturday approved a proposal to raise ₹3,500 crore of funds through a rights Issue of its equity shares of face value of ₹2 each.

The issue will open on July 28 and close on August 11, it said in a regulatory filing.

The issue size would consist of 61.77 crore fully paid-up equity shares of face value of ₹2 each, for an aggregate amount not exceeding ₹3,089 crore.

It would be priced at ₹50 per share, including a premium of ₹48 per share.