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

MUMBAI Wed Nov 7, 2012 8:09pm IST

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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)

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