ChrysCapital ups 5% stake in M&M Financial

MUMBAI: Private equity investor ChrysCapital has hiked its stake in Mahindra & Mahindra Financial, the loan and credit arm of Mahindra Group, by buying nearly 12 lakh shares through open market transactions for an estimated Rs 28 crore.

Copa Cabana, a wholly-owned subsidiary of ChrysCapital incorporated in Mauritius, bought 11.84 lakh shares of the NBFC company on April 25, a regulatory filing on the Bombay Stock Exchange shows.

Post-transaction, Copa Cabana holds 43.42 lakh shares or 5.05 per cent stake in the company, which provides finance for utility vehicles, tractors and cars. Going by the intra-day high of the M&M Financial scrip on April 25 at Rs 237, Copa Cabana could have executed the share transaction for nearly Rs 28.08 crore.

Apart from Copa Cabana, foreign fund-houses like J P Morgan Asset Management Europe (4.24 per cent), ABN Amro Bank N V London (3.86 per cent) and HSBC Global Investment Funds (4.44 per cent) held significant interests in the company, latest data on shareholding shows.

Mahindra & Mahindra Financial Services Ltd (Mahindra Finance), part of the USD 4 billion Mahindra Group, registered a rise of 28 per cent in its profit before tax (PBT) during the fourth quarter of FY 2006-07 to Rs 88.60 crore from Rs 69.49 crore in the same quarter of the previous year.