Despite difficult fiscal conditions, Mahindra & Mahindra Financial Services Ltd has managed to receive good response for its Qualified Institutions Placement (QIP) issue which got subscribed five times, the non banking finance company said.

Issue price at Rs. 889

The company has raised Rs. 867 crore through the issue of 97, 50,257 equity shares at a price of Rs. 889 per share including a premium of Rs. 879.

The issue price is at a premium of 0.94 per cent to the SEBI floor price of Rs. 880.70 a share, the company said.

The company received bids of approximately Rs. 4,345 crore within 24 hours of launching the issue from investors across the globe.

“The high level of interest shown by leading institutional investors across the globe, in current uncertain economic environment reflects their confidence in the group’s track record of corporate governance and the company’s consistent record of good performance,” said Mr. Bharat Doshi, Chairman, Mahindra & Mahindra Financial Services Ltd.