Mahindra & Mahindra (M&M) Financial Services has rallied 7% to Rs 965, extending its previous day’s over 1% gain after opening of qualified institutions placement (QIP) on Wednesday.
Mahindra & Mahindra Group Company, which provides financial services in the rural and semi-urban areas, proposed to raise an aggregate amount of Rs 925 crore by issuing shares to qualified institutional buyers (QIB).
“The qualified institutions placement (QIP) committee of the board of directors of the company at its meeting held on November 07, 2012, decided to open the issue in respect of issue of equity shares of the face value of Rs 10 each of the company to QIB,” M&M Financial Services said in a statement.
The stock opened at Rs 905 and hit a low of Rs 889 on the BSE. A combined 186,841 shares have changed hands on the counter till early noon deals on both the exchanges.
