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Tuesday, February 14, 2006

M&M Financial IPO opens on Feb 21

Mahindra & Mahindra Financial Services is entering the capital market on February 21 with its initial public offer, IPO.

Its price band has been fixed at Rs 170-200 per share. The issue will close on February 24.

Mahindra & Mahindra Financial, which mainly funds vehicle purchases, had a total income of Rs 2.55 billion for the half-year ended September 2005 and net profit of Rs 449.4 million.

It has also expanded the number of branches to 225 from 195 in the last three years to March 2005 and that boosted its customers to more than 300,000 from about 160,000, its offer document said.

The offer, managed by Kotak Mahindra Capital Company and ABN AMRO Securities, constitutes 23% of the post-issue equity.

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