Mumbai: Mahindra and Mahindra Financial Services Ltd, a non-banking finance company focusing on the rural and semi-urban sectors, has raised Rs867 crore by selling stock to institutional investors.
The company raised the money by selling 9.75 million shares for Rs889 apiece, a 0.94% premium to the floor price mandated by the markets regulator. The company will use the funds to boost core capital, leverage business opportunities and lend to customers, it said.
“The strong demand is a testimony to both the company’s business model and the strong growth in rural and semi-urban India,” managing director Ramesh Iyer said.
