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Mahindra & Mahindra Financial to raise 22.5B rupees via share, debt issues

Mahindra & Mahindra Financial Services Ltd. plans to raise up to 22.5 billion Indian rupees by issuing equity shares and debt securities.

The company said its board approved a plan to raise funds by issuing equity shares or convertible securities. Details of the issuance, including size and price, are yet to be decided.

The proposed issuance is subject to shareholders' approval.

As of Oct. 5, US$1 was equivalent to 65.14 Indian rupees.