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Mahindra & Mahindra Financial Services closes share placement

Mahindra & Mahindra Financial Services Ltd. approved the closure of its qualified institutional placement of shares.

The company also approved the issue price of 440 Indian rupees per share, according to a Dec. 5 filing with the BSE.

Earlier in December, the company approved the issuance of equity shares, or other securities convertible into equity shares, in one or more tranches by way of qualified institutional placement. It added that the total number of shares to be issued directly or upon conversion of any securities will not exceed 24 million shares.

As of Dec. 5, US$1 was equivalent to 64.38 Indian rupees.