{"id":431,"date":"2020-06-12T09:58:40","date_gmt":"2020-06-12T09:58:40","guid":{"rendered":"https:\/\/bengalnewstimes.com\/mm-financial-services-surges-5-as-parents-board-approves-rights-issue-up-to-rs3500cr\/"},"modified":"2020-06-12T09:58:40","modified_gmt":"2020-06-12T09:58:40","slug":"mm-financial-services-surges-5-as-parents-board-approves-rights-issue-up-to-rs3500cr","status":"publish","type":"post","link":"https:\/\/bengalnewstimes.com\/?p=431","title":{"rendered":"M&#038;M Financial Services surges 5% as parent&#8217;s board approves &#8216;Rights Issue&#8217; up to Rs3,500cr"},"content":{"rendered":"<p><\/p>\n<div>\n<div style=\"display: inline; text-align: justify;\">\n\t<img loading=\"lazy\" decoding=\"async\" align=\"left\" alt=\"\" class=\"imgCont\" height=\"233\" src=\"https:\/\/content.indiainfoline.com\/_media\/iifl\/img\/article\/2017-01\/04\/full\/1483525327-6836.jpg\" style=\"margin: 5px;\" title=\"\" width=\"352\"\/><\/div>\n<div style=\"text-align: justify;\">\n\tWhile announcing its March 2020 (Q4FY20) result, the <a href=\"https:\/\/www.indiainfoline.com\/Company\/Mahindra-Mahindra-Ltd\/365\">Mahindra &amp; Mahindra<\/a> (M&amp;M) on Friday also intimated that the board of directors have approved for &#8216;Rights Issue&#8217; of their financial service arm.<\/p>\n<p>Earlier on June 01, the <a href=\"https:\/\/www.indiainfoline.com\/Company\/Mahindra-Mahindra-Financial-Services-Ltd\/16795\">M&amp;M Financial Services<\/a>\u00a0(MMFSL) board approved for fundraising of an amount not exceeding Rs3,500cr through a Rights Issue.<\/p>\n<p>M&amp;M said, &#8220;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:-<\/p>\n<p>To subscribe to the Equity Shares of MMFSL to the full extent of the Company\u2019s Rights Entitlement and<\/p>\n<p>To subscribe to Additional Shares as well as to any Unsubscribed portion of the Rights Issue, up to the total issue size of MMFSL&#8221;<\/p>\n<p>Further, the Committee of Directors will make a final decision concerning the Investment in Rights Issue on receipt of intimation from MMFSL.<\/p>\n<p>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%.\u00a0<\/p>\n<\/div>\n<p>                                                    <!--start sk\n                                                    \n\n<div>\n                                                        \n\n<div class=\"clearfix\"><\/div>\n\n\n                                                        \n\n<div class=\"col-lg-5 col-md-4 col-sm-5 col-xs-4\">\n\n<div class=\"loading large-image-loading \"><\/div>\n\n<\/div>\n\n\n                                                        \n\n<div class=\"col-lg-7 col-md-8 col-sm-7 col-xs-4 mb10\">\n\n<div class=\"loading small-line\"><\/div>\n\n<\/div>\n\n\n                                                        \n\n<div class=\"col-lg-5 col-md-5 col-sm-5 col-xs-5 mb10\">\n\n<div class=\"loading small-line\"><\/div>\n\n<\/div>\n\n\n                                                        \n\n<div class=\"col-lg-7 col-md-8 col-sm-7 col-xs-7 mb10\">\n\n<div 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Earlier on June 01, the M&amp;M Financial Services\u00a0(MMFSL) board approved for fundraising of an amount not exceeding Rs3,500cr through [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":432,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[36],"tags":[],"class_list":["post-431","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking-business"],"jetpack_featured_media_url":"https:\/\/bengalnewstimes.com\/wp-content\/uploads\/2020\/06\/1483525327-6836.jpg","_links":{"self":[{"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/posts\/431","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=431"}],"version-history":[{"count":0,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/posts\/431\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/media\/432"}],"wp:attachment":[{"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=431"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=431"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=431"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}