News Digest

18 December 2017
Mahindra Finance explores acquisitions, looks to l

Mahindra and Mahindra Financial Services Ltd, which raised over Rs1,000 crore by selling shares to financial institutions earlier this month, is considering strategic acquisitions across its various verticals, a top company official said. The company, a subsidiary of Mahindra and Mahindra Ltd, is open to evaluating acquisition opportunities if it finds a right fit, vice-chairman and managing director Ramesh Iyer said. “It has to have a good cultural fit and be relevant to what we do, as a strategy. Either it should bring a new geography or a new product. Or, it should bring a technology differentiator. We are also open to looking at acquiring select portfolios in situations where a seller may be looking to exit a particular sector or business. We will look at all options of organic and inorganic growth,” Iyer said in an interview. Mint reported in September that Mahindra Finance was exploring various routes for the proposed fund-raising, including a qualified institutional placement (QIP) and a private placement of shares with private equity investors or other institutional investors. QIP is a capital-raising tool through which listed companies can sell equity shares, fully and partly convertible debentures, or any securities other than warrants that are convertible into stocks, to a qualified institutional buyer.

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