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India's Mahindra Rural Housing Finance to increase authorized capital

India-based Mahindra Rural Housing Finance Ltd. is seeking shareholder approval for a plan to increase its authorized share capital to 1.5 billion rupees from 1 billion rupees.

The company said Dec. 22 that its board approved the plan to increase the authorized share capital to 1.5 billion rupees, comprising of 150 million equity shares of 10 rupees apiece. The company will increase the authorized capital by issuing 50 million shares of worth 500 million rupees.

As of Dec. 25, US$1 was equivalent to 64.05 Indian rupees.