Mahindra & Mahindra Financial Services Ltd has informed that the Board of Directors of the Company at its meeting held on January 18, 2008, inter alia, has subject to the approval of the shareholders approved the following:1. Issuance of 1,09,00,000 Equity Shares on a preferential basis at a price of Rs 380/- per share (inclusive of Share premium of Rs 370/- per share) aggregating Rs 414.20 crores to the following investors.i. TPG-Axon (Mauritius) II, Ltd- 70,00,000 No of equity sharesii. Standard Chartered Private Equity (Mauritius) Ltd- 39,00,000 No of equity sharesThis capital is being raised in order to augment the long term resources by way of enhancing the Tier I capital base, provide funding for loans to the customers of the Company, to invest in subsidiaries to the extent permitted and for general corporate purposes.2. Increase in the Authorised Capital of the Company from Rs 140 Crores to Rs 160 Crores and consequential amendments in the Memorandum and Articles of Association of the Company.The Board has also decided to convene an Extraordinary General Meeting (EGM) on February 19, 2008 to seek approval of the Members for the above matters.
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