M&M Financial gains 5% post QIP issue; floor price set at Rs 439.63
M&M Raise Rs 1,056 crore by opening its qualified institutional placement (QIP) offer.
On Friday, Mahindra and Mahindra Financial Services gained around 5 percent intraday. This was due to investors bet on its QIP issue.
M&M Raise Rs 1,056 crore by opening its qualified institutional placement (QIP) offer. It has set the floor price at Rs 439.63 per share.
When asked, the company stated that it wish to inform investors that the ‘Relevant Date’ for this purpose, in terms of Regulation 81(c)(i) of the SEBI ICDR Regulations, is 30th November, 2017.
Accordingly, the Floor Price in respect of the aforesaid QIP, based on the pricing formula as prescribed under Regulation 85(1) of the SEBI ICDR Regulations is Rs. 439.63 per Equity Share.
It was observed that in the past 15 days, the company share gained around 3 percent. However, the three day gain stood at 2.3 percent.
On the BSE, Mahindra & Mahindra Financial Services was quoting at Rs 455.55, up Rs 15.90, or 3.62 percent at 13:04 hrs. It touched a 52-week high of Rs 461.00.