|We were incorporated on January 1, 1991 as Maxi Motors Financial
Services Limited and received certificate of commencement of business
on February 19, 1991. The name was changed to Mahindra & Mahindra
Financial Services Limited on November 3, 1992. We are registered with
the RBI as an NBFC with effect from September 4, 1998 under Section
45IA of the Reserve Bank of India Act 1934.
Key Events in our business history
Calendar Year Event
1993 Commenced financing of M&M UVs
1995 First branch opened outside Mumbai, at Jaipur
1996 Commenced financing M&M dealers for purchase of tractors
1998 Launched pilot project for retail tractor financing
1999 Commenced tractor retail financing in rural and semi-urban areas
2001 Total Assets crossed Rs. 10 billion
2002 Commenced financing of non-M&M vehicles
Received Tier II debt from International Finance Corporation
Our first securitisation transaction of Rs. 434.8 million
2004 Long term credit rating of AA+/Stable
Branch opened in Port Blair
Listing of non convertible debentures on BSE on the wholesale
debt market segment
Securitisation of tractor assets of Rs. 256.6 million
2005 Tie-up with HPCL
MIBL became our wholly owned subsidiary
Commenced distribution of third party mutual funds
-Following a successful IPO, subscribed nearly 27 times more, Mahindra & Mahindra Financial Services Ltd (MMFSL) priced its shares at Rs 200 each. The original price band for the issue of two crore shares of Rs 10 each, for cash at a premium decided through the book-built process, had been fixed at Rs 170-200 a share.
-Mahindra & Mahindra Financial Services Limited has informed that Mr. Narayan Shankar has ceased to be the Company Secretary of the company with effect from October 26,2006. Ms. Angarika Baviskar would continue to hold the post of Deputy Company Secretary and Compliance Officer of the company.
-Tied up with Maruti Udyog Limited.
-Reached a new benchmark with 400 branches.
-Commenced Home Loans Business through our subsidiary Mahindra Rural Housing Finance Limited.
-Received 12.5% equity participation from NHB for our Subsidiary Mahindra Rural Housing Finance Ltd.
-Preferential allotement of shares to Standard Chartered Private Equity Ltd. & TPG Axon Private Equity Ltd.
-Commenced Fixed Deposits Program.