M
New
Delhi,
Jan
19:
Non-banking
finance
company,
Mahindra
and
Mahindra
Financial
Services
Ltd
today
said
it
will
raise
Rs
414.2
crores
through
a
preferential
allotment
of
10.9
million
equity
shares.
The arm of auto major Mahindra and Mahindra, will allot the shares to two private equity funds at Rs 380 per share, a premium of 20 per cent of yesterday's closing price of Rs 315 per share. The board which met yesterday, approved issue of seven million shares to TPG Axon Capital (TAC) and 3.9 million shares to Standard Chartered Private Equity (SCPE), the company said in a statement to BSE.
With this investment, TAC will own 7.22 per cent while the SCPE will have 4.02 per cent of the post issue equity capital of the company.
The 'Extraordinary General Meeting' will be convened today for obtaining the shareholders approval for the increase in authorised share capital and issuance of equity shares.
Kotak Investment Bank was the exclusive financial advisor for the transaction.
UNI