The rights issue by Mahindra & Mahindra Financial Services was subscribed approximately 1.3 times with significant demand from both domestic and foreign investors.
“Mahindra Finance announced the successful closure of its fast track rights issue to raise ₹3,088.82 crore. The rights issue was subscribed approximately 1.3 times, resulting in a demand generation of over ₹4,000 crore,” it said in a statement on Wednesday.
The allotment of equity shares offered will take place on or about August 21, 2020 and are likely to be listed on the BSE and National Stock Exchange of India on or about August 27, 2020, it further said.
“The success of the Rights Issue will enable us to capitalise on the growth opportunities that lie ahead with increased vigour, and continue with our mission to drive financial inclusion in rural and semi-urban geographies,” said Ramesh Iyer, Vice-Chairman and Managing Director, Mahindra Finance.