The Board of directors of Mahindra & Mahindra Financial Services Limited had earlier approving a fund raising by the Company for an amount not exceeding Rs. 3,500 Crores (Rupees Three Thousand Five Hundred Crores), through a Rights Issue of its Equity Shares of face value of Rs. 2 each.
The Board of Directors, at its meeting held on 18th July 2020 has approved the terms of the rights issue:
Instrument: Fully paid-up Equity Shares of face value of Rs. 2 each.
Total number of Equity Shares and Issue size: 61,77,64,960 fully paid-up Equity Shares of face value of Rs. 2 each, for an aggregate amount not exceeding Rs. 3,089 Crores (Rupees Three thousand eighty-nine Crores only).*
*assuming full subscription
Issue Price: Rs. 50 (Rupees Fifty only) per fully paid-up Equity Share (including a premium of Rs. 48 per fully paid-up Equity Share). The entire Issue Price will be payable at the time of making the application in the Issue.
Record date: The Board also fixed the record date for the purpose of determining the Shareholders of the Company who will be eligible to receive Rights Entitlements in the Issue, as 23rd July, 2020.
Rights Entitlement ratio: 1 (One) fully paid-up equity share for every 1 (One) fully paid-up equity share held by the eligible Equity Shareholders of the Company, as on the record date.
Issue period:
Issue Opening Date: Tuesday, 28th July, 2020 and
Issue Closing Date: Tuesday, 11th August, 2020
Outstanding Equity Shares:
Prior to the Issue: 61,77,64,960
Post the Issue: 123,55,29,920
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