Earlier on June 01, the M&M Financial Services (MMFSL) board approved for fundraising of an amount not exceeding Rs3,500cr through a Rights Issue.
M&M said, “In furtherance to the above, we wish to inform you that, the Board of Directors of the Company at its Meeting held today has accorded its in-principle approval, subject to compliance with applicable laws:-
To subscribe to the Equity Shares of MMFSL to the full extent of the Company’s Rights Entitlement and
To subscribe to Additional Shares as well as to any Unsubscribed portion of the Rights Issue, up to the total issue size of MMFSL”
Further, the Committee of Directors will make a final decision concerning the Investment in Rights Issue on receipt of intimation from MMFSL.
Post announcement, MMFSL stock gained by 5% with an intraday high of Rs164.90 per piece on Sensex. At around 2.55 pm, the stock was performing at Rs163.80 per piece up 4.43%.
