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    M&M Financial board to meet on July 18 to decide rights issue terms

    Synopsis

    In a filing to BSE, the NBFC said it will discuss the rights issue price, the rights entitlement ratio, the record date and timing of the rights issue.

    Investor-1---TSThinkStock Photos
    The NBFC board had on June 1 approved the proposal and authorised the rights issue committee to proceed with the rights issue.
    NEW DELHI: Mahindra & Mahindra Financial on Friday said its board members will meet on July 18 to decide the terms and conditions and other related matters in connection with its Rs 3,500 crore rights issue.

    In a filing to BSE, the NBFC said it will discuss the rights issue price, the rights entitlement ratio, the record date and timing of the rights issue.

    Shares of M&M Financial were, however, unfazed. The stock was trading 1.5 per cent lower at Rs 204.40 on BSE, the same as they were before the announcement.

    The NBFC board had on June 1 approved the proposal and authorised the rights issue committee to proceed with the rights issue. It also approved the increase in authorised share capital, pending shareholders' approval, in the ensuing annual general meeting on June 30 through video-conferencing.

    Earlier this week, Hemag Jani of Motilal Oswal Securities said that Mahindra & Mahindra Finance in particular stands out among NBFCs because of the recent capital raise and "the fact that the franchise is extremely good particularly from the rural side."

    For the March quarter, the NBFC reported 66 per cent fall in consolidated net profit at Rs 239 crore, hurt by higher provisions. The Mahindra Group firm had posted a net profit of Rs 701 crore in the year-ago same period.

    Total income for the quarter rose 8 per cent YoY to Rs 3,140 crore from Rs 2,902 crore in the year-ago quarter.



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    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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