Mahindra & Mahindra Financial - Outcome Of EGM

Mahindra & Mahindra Financial Services Ltd has informed that the shareholders at the Extra Ordinary General Meeting (EGM) of the Company held on February 19, 2008, inter alia, have approved the following:

1. Increase in the Authorised Share Capital of the Company from Rs 140 crores to Rs 160 crores and consequential alteration of Clause V of the Memorandum of Association and Article 3 of the Articles of Association of the Company.

2. Pursuant to the provisions of Section 81(1A) and all other applicable provisions of the Companies Act, 1956 authorising the Board of Directors / Committee of the Board to create, offer, issue and allot to TPG-Axon (Mauritius) II Ltd and Standard Chartered Private Equity (Mauritius) Ltd cumulatively upto 1,09,00,000 (One Crore Nine Lakhs) Equity Shares of Rs 10 (Rupees Ten) each at a premium of Rs 370 (Rupees Thee Hundred Seventy) per share aggregating Rs 414,20,00,000 (Rupees Four Hundred and Fourteen Crores Twenty Lakhs) in terms of and on the conditions specified in the SEBI (Disclosure & Investor Protection)Guidelines, 2000, on a preferential allotment basis.

Mahindra & Mahindra Financial - Outcome Of Board Meeting

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.