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Mahindra & Mahindra (M&M) Financial Services has launched its qualified institutional placement (QIP) issue. The company has fixed the floor price of Rs.439.63 per share and it may offer a discount of not more than 5% on the floor price.
The company proposes to raise approx Rs.1,000 crore. Further, it had received approval for issuance of up to 24 million equity shares of Rs.2 each through QIP, in a meeting held by the board of directors on November 1, 2017.
M&M Financial Services in a preliminary placement document stated, “The company intends to use the net proceeds of the issue to augment its long-term resources to enable it to meet its business growth and funding requirements, investment in its subsidiaries and joint venture, strengthen its capital adequacy and for general corporate purposes.”
