M&M Finance acquires addl 9.68% stake in Rural Housing Arm from NHB for 2.87 billion rupees

MUMBAI | RAJKOT – In a regulatory filing submitted to the Stock Exchanges on Wednesday, Mahindra & Mahindra Financial Services Ltd said of the Board of Directors at its Meeting held on Wednesday, i.e. on 27th March, 2019, has pursuant to the Offer made by National Housing Bank (NHB) vide their  Letter dated 11th March, 2019, approved the acquisition of 1,18,91,511 Equity Shares of Rs.10 each of Mahindra Rural Housing Finance Limited (MRHFL), a subsidiary of the Company, comprising of 9.68% stake at a premium of Rs. 231.16, aggregating to Rs. 286.78 crores (2.87 billion) from NHB.

Consequently, the shareholding of the Company in MRHFL will increase from 88.75% to 98.43% as and when the shares are acquired.

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