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Mahindra & Mahindra Financial Services Ltd. Company History and Annual Growth Details

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.


- More than 2 lakh new customer contracts in a financial year for the first time.

- Branch network crosses 550 branches.


- Maiden QIP Issue.

- Joint Venture with Rabobank subsidiary for tractor financing in USA.


- Mahindra Finance wins the inaugural Porter Prize in the category of Creating Distinctive Value.

- Mahindra Finance are first runners up at CNBC TV18 Best Bank & Financial Institution awards.

- Ranked 9th in the prestigious Dun & Bradstreet's India's Top 500 Companies 2011(released on 1st June, 2012), based on the total income in the FIs/ NBFCs/ Financial Services Sector.

-Company has splits its Face value of Shares from Rs 10 to Rs 2
-M&M Fin.Services Woori Financials & Mahindra Finance sign MOU for Joint Venture
-Winner of the prestigious Golden Peacock Award for Excellence in Corporate Governance.

-MIBL declared 'Broker of the Year' at 18th Asia Insurance
-India Ratings and Brickworks Ratings upgraded Company's long term debt rating to "AAA". CARE Ratings also assigned "AAA" rating to Company's long term debt.

-Mahindra Finance wins the Golden Peacock National Training Award

-M&M Fin.Services SEBI grants licence to Mahindra Mutual Fund
-M&M Fin.Services Ranked 5th in Financial Services Sector in India