M&M Financial gains 5% post QIP issue; floor price set at Rs 439.63

Mahindra and Mahindra Financial Services gained around 5 percent intraday on Friday as investors bet on its QIP issue.

The company opened its qualified institutional placement (QIP) offer to raise Rs 1,056 crore. The floor price was set at Rs 439.63 per share.

“We further wish to inform you that the 'Relevant Date' for this purpose, in terms of Regulation 81(c)(i) of the SEBI ICDR Regulations, is 30th November, 2017 and accordingly the Floor Price in respect of the aforesaid QIP, based on the pricing formula as prescribed under Regulation 85(1) of the SEBI ICDR Regulations is Rs. 439.63 per Equity Share,” the company said in a filing to the exchanges.

The share gained around 3 percent in the past 15 days, while its three day gain stood at 2.3 percent. At 13:04 hrs Mahindra & Mahindra Financial Services was quoting at Rs 455.55, up Rs 15.90, or 3.62 percent. It touched a 52-week high of Rs 461.00.