Mahindra & Mahindra today said it will increase holding in its arm Mahindra & Mahindra Financial Services Ltd (MMFSL) to 53.25 percent through the acquisition of 2.5 crore shares for a cash consideration of Rs 1,055 crore. The company has agreed to subscribe 2.5 crore equity shares of Rs 2 each of MMFSL at a premium of Rs 420 per share on a preferential basis, Mahindra & Mahindra (M&M) said in a BSE filing.
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After the acquisition, the company’s holding in MMFSL will increase to 53.25 percent from 51.2 percent earlier, it added. MMFSL is making the preferential issue to augment its long-term resources to meet its business growth and funding requirements, investment in its subsidiaries and joint ventures, meeting long-term working capital requirements, among others, the filing said. The acquisition is expected to be completed by December 14, 2017, M&M added.
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