M&M Q2 net up 28%, to divest 14% stake in fin arm

 The board of directors also approved a proposal to divest up to one crore shares, aggregating 14.25% of the paid-up share capital of Mahindra & Mahindra Financial Services (MMFSL), through the book building route.

The company currently holds 97.26% of the paid-up share capital of MMFSL.

 "A meeting of the board of directors of MMFSL is scheduled to be held on October 27, 2005 to consider issue of equity shares through an initial public offering (IPO), which would include an offer of sale of equity shares of MMFSL by the company," the release added.