MM Financial selling shares to raise $160m: Sources

Mahindra & Mahindra Financial Services , which provides financial services in the rural and semi-urban areas, launched a share sale on Wednesday to raise about USD 160 million, two sources with direct knowledge of the situation said.

The company is selling shares to institutional investors in the price band of 881-889 rupees a share, said the sources, declining to be named as they were not authorised to speak to the media.

Shares in M&M Financial, which the market values at USD 1.7 billion, ended 0.4 percent lower on Wednesday at Rs 889.80, while the main Mumbai market index closed 0.5 percent higher.

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