Shares of Mahindra & Mahindra Financial Services rose over 5 percent to an intraday high of Rs 165.25 on Thursday. On Wednesday, the company said that Manulife Investment Management (Singapore) has acquired a 49 percent stake in Mahindra Asset Management Company and Mahindra Trustee Company.
Consequently, the shareholding of the company in Mahindra Asset Management Company and Mahindra Trustee Company reduces to 51 percent of the share capital each and will cease to be wholly-owned subsidiaries. They will still remain as M&M Financial Services' subsidiaries with the company as the majority stakeholder.
Further, the M&M Financial Services also said on Wednesday that it will raise up to Rs 475 crore through issue of debentures. In a filing, the company informed that its board has approved the allotment of 4,750 secured redeemable non-convertible debentures (NCDs) of the face value of Rs 10,00,000 each aggregating to Rs 475 crore.
The tenure of the instrument is two years and 364 days from the deemed date of allotment, it said. The deemed date of maturity of debentures is April 28, 2023, it added.