Mahindra Financial Services raises Rs 1,056 crore via QIP, stock gains 2.7%

Mahindra and Mahindra Financial Services Ltd has raised Rs 1,056 crore through a qualified institutional placement (QIP) issue.

"The securities issue committee of the board of the directors of the company... has approved the allotment of 2,40,00,000 equity shares of the face value of Rs 2 each to qualified institutional buyers under the qualified institutions placement at the issue price of Rs 440 per equity share aggregating Rs 1,056 crore," the company said in a BSE filing.

The QIP opened on November 30 and closed on December 5.

Stock of Mahindra and Mahindra Financial Services closed 2.74 per cent higher at Rs 456.20 on the BSE today.