Wednesday, October 26, 2005

M&M to sell 1cr shares of M&M Financial Services via IPO

Mahindra & Mahindra, M&M, is to sell 1 crore shares of M&M Financial Services, MMFSL, (14.25% stake) via initial public offer, IPO. MMFSL IPO is to be mix of fresh issue and offer for sale. MMFSL board is to meet tomorrow to decide size of new issue. M&M holds about 97% in MMFSL. M&M is also evaluating opportunities for IPOs of other subsidiaries.The company announced its second quarter results today. Its Q2 net profit is up 27.9% at Rs 157.2 crore (Rs 1.57 billion) from Rs 122.9 crore (Rs 1.22 billion).At 2:26 pm, M&M is quoting at Rs 364, up Rs 2.95, or 0.82%. It is trading with volumes of 1,09,444 shares. It has touched an intraday high of Rs 366.85 and an intraday low of Rs 358


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