M&M Financial Service selling shares to raise about $160 mln - sources

MUMBAI Wed Nov 7, 2012 8:09pm IST

Related Topics

Stocks

   

MUMBAI (Reuters) - Mahindra & Mahindra Financial Services (MMFS.NS), which provides financial services in the rural and semi-urban areas, launched a share sale on Wednesday to raise about $160 million, two sources with direct knowledge of the situation said.

The company is selling shares to institutional investors in the price band of 881-889 rupees a share, said the sources, declining to be named as they were not authorised to speak to the media.

Shares in M&M Financial, which the market values at $1.7 billion, ended 0.4 percent lower on Wednesday at 889.80 rupees, while the main Mumbai market index closed 0.5 percent higher.

(Reporting by Sumeet Chatterjee; Editing by Louise Heavens)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Earnings Season

REUTERS SHOWCASE

Record Highs

Record Highs

BSE Sensex, Nifty hit record highs, insurers gain  Full Article 

Global Growth

Global Growth

IMF cuts outlook, warns of stagnation risk in rich nations  Full Article 

Monsoon Revives

Monsoon Revives

Monsoon revival keeps rain above average   Full Article 

Tackling Food Prices

Tackling Food Prices

India to free up extra 10 million tonne wheat in open market  Full Article 

Just Not Enough

Just Not Enough

Amazon's smartphone fails to kindle a "Fire" among reviewers.  Full Article 

Struggling Economies

Struggling Economies

Asian economies to struggle on weak export demand - Reuters poll  Full Article 

Rising Market Value

Rising Market Value

Facebook goes express to mega-cap status  Full Article 

Mining Roadblock

Mining Roadblock

Coal India's plans for 20 mines hit by land, environment delays  Full Article 

Power Jolt

Power Jolt

UAE's TAQA pulls out of India power plant deal with Jaiprakash  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage