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Mahindra & Mahindra will increase stake in its financial services arm, Mahindra & Mahindra Financial Services Ltd (MMFSL) to 53.25%. It will purchase 2.5 crore shares for a cash consideration of Rs.1,055 crore.
The company in BSE filing stated that, the company agreed to subscribe 2.5 crore equity shares of Rs.2 each of MMFSL at a premium of Rs.420 per share on preferential basis.
Moreover, before acquisition the company’s holding in MMFSL was 51.2%, however, after acquisition it will increase to 53.25%.
