Mahindra Fin approves funds mop-up of up to Rs 2,250 crore

Mahindra and Mahindra Financial Services Ltd (Mahindra Finance) today said its board has approved raising up to Rs 2,250 crore through issuance of shares or convertible securities.

"The board of directors of the company... has inter alia considered and approved the raising of funds by way of issue of equity shares or convertible securities subject to receipt of necessary approvals, if any, for an amount not exceeding Rs 2,250 crore," Mahindra and Mahindra Financial Services said in a regulatory filing.

The company said its board has constituted a securities issue committee to decide on the proposed issuance, including the issue price.

The stock was trading 1.62 per cent up at Rs 423 on the BSE today.