Mahindra Finance to raise up to Rs 3,500 crore via rights issue

New Delhi: Mahindra and Mahindra Financial Services Ltd (Mahindra Finance) on Monday said it will raise up to Rs 3,500 crore through rights issue of shares.

The board of directors in its meeting on Monday considered and approved a fundraising of up to Rs 3,500 crore through rights issue, Mahindra Finance said in a regulatory filing.

"Further, the board has authorised the rights issue committee to proceed with the rights issue forthwith, and, inter-alia, decide the other terms and conditions of the rights issue, including setting the record date, determining the price, appointment of intermediaries and various other related matters," it said.

Mahindra Finance said the board of directors also approved the increase in authorised share capital, pending shareholders' approval, in the ensuing annual general meeting on June 30 through video-conferencing.

Shares of Mahindra Finance on Monday closed 3.89 per cent higher at Rs 145.40 on the BSE.