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New Delhi, Feb 3 () Non-banking finance firm Mahindra &amp; Mahindra Financial Services on Monday said it will raise up to Rs 310 crore through non-convertible debentures (NCDs).
 In a filing to BSE the company said that the duly authorised committee has approved "the allotment of 3,100 secured redeemable non-convertible debentures of the face value of Rs 10,00,000 each, at par, aggregating to Rs 310 crore."
 The deemed date of maturity of the debentures is February 3, 2023.
 The shares of Mahindra &amp; Mahindra Financial Services were trading at Rs 357.10 apiece on BSE, up 1.41 per cent from the previous close. SID ANS
ANS

Mahindra & Mahindra Financial Services to raise Rs 310 cr via NCDs

New Delhi, Apr 29 () Mahindra &amp; Mahindra Financial Services on Wednesday said it will raise up to Rs 475 crore through issue of debentures.In a meeting held on Wednesday, the company approved the allotment of 4,750 secured redeemable non-convertible debentures (NCDs) of the face value of Rs 10,00,000 each aggregating to Rs 475 crore, Mahindra &amp; Mahindra Financial Services said in a BSE filing. The tenure of the instrument is two years and 364 days from the deemed date of allotment, it said.The deemed date of maturity of debentures is April 28, 2023, it added.Shares of Mahindra &amp; Mahindra Financial Services were trading at Rs 158.60 apiece on the BSE, up 2.89 per cent. SID SID RUJRUJ

Mahindra & Mahindra Fin Services to raise up to Rs 475 cr via NCDs

Mumbai, Apr 29 () Mahindra &amp; Mahindra Financial Services Ltd (Mahindra Finance) on Wednesday said global financial services group Manulife has acquired 49 per cent stake in its wholly-owned subsidiary Mahindra Asset Management Company. Under the agreement, which was announced in June last year, Manulife has invested USD 35 million or Rs 265 crore to pick up 49 per cent stake in Mahindra AMC, a company statement said. The Singapore arm of Manulife, Manulife Investment Management (Singapore) Pte. Ltd, has bought 49 per cent stake in the joint venture where Mahindra Finance will now own the balance 51 per cent. "I am confident that this partnership will help accelerate our efforts towards increasing mutual fund penetration, through innovative products and solutions and best in class service standards," Mahindra Finance vice-chairman and managing director Ramesh Iyer said. Mahindra AMC's managing director and CEO Ashutosh Bishnoi said Manulife Investment Management naturally fits as the right strategic partner for Mahindra Mutual Fund, as they bring over 150 years of fund products experience across all types of economic cycles and scenarios. "Besides, their global best practices and processes will help Indian investors manage risk more sensibly," he said. Mahindra AMC's annualized average assets under management stood at Rs 5,217 crore as of March 31, 2020. It has more than 2.12 lakh customer accounts and is offering over 13 investment schemes. Manulife provides wealth and asset management and life insurance solutions for individuals, groups and institutions around the world, with assets under management and administration of over USD 915 billion as of December 31, 2019. HV MRMR

Manulife picks 49pc stake in Mahindra AMC for Rs 265 cr

<ul><li>Canada-based global investment firm <keyword id="172205" type="COMPANY" weightage="20" keywordseo="Manulife">Manulife</keyword> forms a 51:49 partnership with <keyword id="6428152" type="UNKNOWN" weightage="20" keywordseo="mahindra-finance">Mahindra Finance</keyword>. </li><li>Manulife will invest $35 million for 49% stake in the JV. </li><li>Mahindra Finance stock tumbled nearly 3% after the announcement. </li><li>Mahindra Finance does not rule out the possibility of entering general insurance.</li></ul>Mahindra Finance on Thursday announced a joint venture with Canadian fund Manulife, with its subsidiary Mahindra Asset Management Company. The 51:49 joint venture aims to expand the depth and breadth of fund offerings and retail fund penetration in India. Manulife will invest $35 million for 49% stake in the JV, which would value the Mahindra AMC at about $71 million. The investment from Manulife will go into the asset management company, not Mahindra Finance, according to Ramesh Iyer, Vice Chairman and Managing Director, Mahindra Finance. "General insurance is an opportunity we are looking at," he added. The mutual fund business in India is a crowded place and the top few players control a lion's share of the market. "Even if we double our market share from the current 4%, the business will grow substantially," Ashutosh Bishnoi, MD and CEO of Mahindra AMC said, adding that the company is looking to create new segment of investors, and not looking to snatch from other players. "Our desire is to become a top tier mutual fund in India," said Michael Dommermuth,head of Manulife AMC in Asia. The firm has $849 billion funds under management globally. About 28% of Mahindra AMC's retail assets are outside the top 30 cities in India. Of the ₹5000 crores, nearly ₹3000 crores are institutional investments.

Global financial services major Manulife enters India in a joint venture with Mahindra Finance

New Delhi, Dec 2 () World Bank Group arm IFC on Monday said it has anchored an investment round of USD 200 million (about Rs 1,433 crore) in Mahindra and Mahindra Financial Services to create a dedicated pool of financing for MSMEs in low-income states.
 At least USD 100 million will be earmarked for women-owned micro, small and medium enterprises (MSMEs), according to a release.
 "IFC (International Finance Corporation) has invested USD 75 million from its own account and is mobilising another USD 125 million as parallel loans," it said.
 The USD 100 million dedicated to women will be supported by blended finance from the IFC-Goldman Sachs' Women Entrepreneurs Opportunity Facility.
 Also, Mahindra Finance has further committed USD 225 million to this pool, it added.
 An IFC study, conducted in 2018, estimates the total credit gap for MSMEs in India to be USD 397.5 billion, around 15 per cent of gross domestic product. The financing gap for MSMEs is more acute in low-income states. Targeted lending to women-owned MSMEs is even less prevalent.
 In the financial year 2018-19, IFC delivered more than USD 19 billion in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity.
 Mahindra &amp; Mahindra Financial Services Ltd, part of the Mahindra Group, has over 6.4 million customers and an assets under management of over USD 10 billion. NKD HRS

IFC to invest USD 200 mn in Mahindra Finance

New Delhi, Jan 31 () IT services major Tech Mahindra on Friday said it will acquire 70 per cent stake in Bengaluru-based Cerium Systems at an enterprise value of up to Rs 245 crore.
 The acquisition will boost Tech Mahindra's Engineering Services practice in VLSI (Very Large Scale Integration) and Embedded Software, Tech Mahindra said in a statement.
 "We continue to invest in niche digital assets complementing our service offerings. Cerium provides cutting edge solutions with a strong foothold in global semiconductor industry," Tech Mahindra Head of Corporate Development and Portfolio Companies Vivek Agarwal said.
 In a regulatory filing, Tech Mahindra said 70 per cent of the shares will be acquired upfront for an enterprise value not exceeding Rs 245 crore and the remaining 30 per cent will be acquired over the next two years at a valuation linked to the financial performance of the company.
 The cash transaction is expected to close by April 1, 2020, it added.
 "This acquisition is expected to help bolster capabilities in the areas of semiconductor design and testing, embedded software development/testing and product engineering," the filing said.
 Founded in 2013, Cerium is an integrated circuit and embedded software design service provider, and has around 840 employees.
 It has offices in Vishakhapatnam, Cochin, Santa Clara (US) and Penang (Malaysia). Its revenue stood at Rs 105.7 crore for the financial year ended March 31, 2019. SR DRR

Tech Mahindra to acquire 70 pc stake in Cerium Systems

New Delhi, Mar 19 () Kotak Mahindra Bank and one of its wholly-owned subsidiary has together offloaded 20 per cent stake in ECA Trading Services Limited (ECA), formerly known as Ace Derivatives &amp; Commodity Exchange Limited. The cash consideration for the transaction, which was completed on March 18, stood at Rs 1.67 crore for Kotak Mahindra Bank and Rs 2.27 crore for Kotak Mahindra Prime. In a regulatory filing Kotak Mahindra Bank said it has divested 8.50 per cent equity stake in ECA Trading Services, while its subsidiary Kotak Mahindra Prime has offloaded 11.50 per cent. The divestment was done "to comply with the RBI Regulations on investment in a non-financial services entity since ECA has ceased to be a commodity exchange," the filing added. Post this transaction, "the Bank and the Group will hold 20 per cent equity stake in ECA," the filing said. The networth of ECA as of March 31, 2019 stood at Rs 16.30 crore. Shares of Kotak Mahindra Bank were trading at Rs 1,184.80 a piece on BSE, up 1.01 per cent from the previous close. SID DRR

Kotak Mahindra Bank, subsidiary sell 20 pc stake in ECA Trading Services

New Delhi, Jan 29 () Shares of Mahindra &amp; Mahindra Financial Services Ltd on Wednesday climbed nearly 5 per cent, a day after the company reported 16 per cent rise in consolidated net profit in December 2019 quarter.
 The scrip gained 4.47 per cent to close at Rs 368 on the BSE. During the trade, it rose by 7.87 per cent to Rs 380.
 On the NSE, it jumped 4.61 per cent to settle at Rs 367.35.
 Mahindra &amp; Mahindra Financial Services Ltd on Tuesday reported 16 per cent rise in consolidated net profit at Rs 475 crore in the third quarter ended on December 31, 2019.
 The company had posted a net profit of Rs 409 crore in the year-ago quarter.
 The consolidated income of the company was up 14 per cent at Rs 3,081 crore in the October-December quarter of 2019-20 as compared to Rs 2,705 crore in the year-ago period, it said in a release. 



 
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M&M Financial Services shares jump nearly 5 pc after Q3 results

<ul><li><keyword id="1118568" type="PERSON" weightage="20" keywordseo="Milind-Kulkarni">Milind Kulkarni</keyword> is returning as the CFO of the $5.2 billion Indian IT services company <keyword id="43217" type="CITY" weightage="20" keywordseo="Tech-Mahindra">Tech Mahindra</keyword> starting April 2.</li><li>The man who began his professional journey at Cadbury after becoming a qualified chartered accountant has been with Tech Mahindra for 18 and a half years now.</li><li>His last stint as CFO of Tech Mahindra was between 2013 and 2018 before he retired to become a Senior Advisor.</li></ul>He’s been here before and he’s set to make a comeback — the qualified chartered accountant, Milind Kulkarni, will be returning as Tech Mahindra’s Chief Financial Officer (CFO) in the next financial year. During his last stint as CFO, Kulkarni was at helm from 2013 to 2018. After his five year tenure was over, rather than leave the company, Kulkarni stuck around and served as a Senior Advisor for the IT services giant. In fact, Kulkarni’s been with Tech Mahindra for 18 and a half years now. When he first took up the post of CFO, the company was at the cusp of merging with its subsidiary Mahindra Satyam. This time around, Tech Mahindra is waiting on the boom from 5G to spur revenue growth and expand margins. Management expects that the gains from 5G will start flowing in during the second half of 2021. Kucch meetha ho jaye (let’s get something sweet) Before going on to become a chartered accountant in 1981, Kulkarni completed his Bachelor’s in Commerce from the ML Dahanukar College of Commerce in Mumbai. His first job was in the offices of Cadbury as a Manager of Accounts. After a brief stint at Standard Batteries after Cadbury, he moved onto become the General Manager of Finance at Mastek Limited, a software company that has a presence in the US and UK in addition to India. In another big career jump, Kulkarni went onto become the Group CFO of Venkateshwara Hatcheries — also known as the massive poultry brand Venky’s — in 1997. It was only in 2002 that he finally found his way to Tech Mahindra. Starting out as the Vice President of Finance, Kulkarni rose in the ranks to become the CFO in 2013. And in 2021, he’s making his comeback. SEE ALSO: <a href="https://www.businessinsider.in/tech/enterprise/news/two-things-on-tech-mahindra-cfos-wishlist-for-the-budget-2021-22-that-were-left-unaddressed/articleshow/80705389.cms" id="docs-internal-guid-17e9dda7-7fff-2a58-c6dc-6cfb6a7687db">INTERVIEW: Two things on Tech Mahindra CFO’s wishlist for the Budget 2021-22 that were left unaddressed</a>

Meet the 63-year old making a comeback as Tech Mahindra's CFO

New Delhi, Jun 1 () Mahindra and Mahindra Financial Services Ltd (Mahindra Finance) on Monday said it will raise up to Rs 3,500 crore through rights issue of shares. The board of directors in its meeting on Monday considered and approved a fundraising of up to Rs 3,500 crore through rights issue, Mahindra Finance said in a regulatory filing. "Further, the board has authorised the rights issue committee to proceed with the rights issue forthwith, and, inter-alia, decide the other terms and conditions of the rights issue, including setting the record date, determining the price, appointment of intermediaries and various other related matters," it said. Mahindra Finance said the board of directors also approved the increase in authorised share capital, pending shareholders' approval, in the ensuing annual general meeting on June 30 through video-conferencing. Shares of Mahindra Finance on Monday closed 3.89 per cent higher at Rs 145.40 on the BSE. KPM HRS

Mahindra Finance to raise up to Rs 3,500 cr via rights issue

New Delhi, Jan 31 () IT services firm Tech Mahindra on Friday reported a 4.7 per cent decline in its consolidated net profit at Rs 1,145.9 crore for the December 2019 quarter.
 The Mumbai-based firm had registered a net profit (attributable to owners of the company) at Rs 1,202.9 crore in the corresponding quarter of the last fiscal, Tech Mahindra said in a statement.
 However, its revenue from operations grew 7.9 per cent to Rs 9,654.6 crore in the quarter under review from Rs 8,943.7 crore in the year-ago period, it added.
 Earnings per share (EPS) was at Rs 13.13. In dollar terms, the net profit was up 1.3 per cent sequentially to USD 160.6 million, while revenue grew 5.1 per cent to USD 1,353 million in the said quarter.
 This is a quarter of strong growth across the company's Communications and Enterprise businesses, Tech Mahindra Managing Director and CEO C P Gurnani said.
 "We continue to win marquee deals and are well poised to capitalise on new market opportunities with technology shifts like 5G, which continues to be a key focus area in the year ahead," he added.
 The company's total headcount was at 1,30,839 people, a reduction of 683 people from the September 2019 quarter.
 The company witnessed substantial operational and financial metrics improvement with healthy cash flow generation this quarter, Manoj Bhat, chief financial officer at Tech Mahindra said.
 "We continue to invest in emerging technologies and streamline delivery as we ready ourselves for the next phase of growth," he added.
 Tech Mahindra also announced the acquisition of 70 per cent stake in Bengaluru-headquartered Cerium Systems.
 "Cerium will boost the company's Engineering Services practice in VLSI (very large scale integration) and Embedded Software.
 "We continue to invest in niche digital assets complementing our service offerings. Cerium provides cutting edge solutions with a strong foothold in global semiconductor industry," Tech Mahindra Head of Corporate Development and Portfolio Companies Vivek Agarwal said.
 Shares of Tech Mahindra closed marginally higher at Rs 796.00 on the BSE on Friday. SR SHW
SHW

Tech Mahindra Q3 net profit dips 4.7% to Rs 1,146 cr

Continuing its acquisition spree, <keyword id="43217" type="CITY" weightage="100" keywordseo="Tech-Mahindra">Tech Mahindra</keyword>, the IT arm of the <keyword id="6355744" type="CITY" weightage="100" keywordseo="Mahindra-Group">Mahindra group</keyword>, has agreed to buy UK-based digital technology firm <keyword id="3436035" type="UNKNOWN" weightage="100" keywordseo="The-BIO-Agency">The BIO Agency</keyword> for an enterprise value of 40 million pounds. The deal also includes a surplus cash component not exceeding more than 5 million pounds. 
 
It was only last month that the company had bought UK-based financial services firm Target Group in a deal that was valued at more than 112 million pounds. 
 "The BIO Agency and Tech Mahindra will create one of the world's leading innovation practices. A combination of BIO's visionary thinking and delivery with Tech Mahindra's IT to Digital Transformation strategy will enable and create digital services," said Tech Mahindra CEO <keyword id="45959" type="ORGANIZATION" weightage="100" keywordseo="CP-Gurnani">CP Gurnani</keyword>. 
 
As per the deal, the company will pay 22 million pounds and the surplus cash upfront while the rest will be deferred, depending on how BIO Agency performs. 
 
The rewards given to the management of BIO Agency will also depend on the revenue that tbey will be bringing in over the next three years. 
 
For fiscal 2016, BIO had revenue of 12.5 million pounds, while for the year before that, it had revenue of 5.2 million pounds. 
 
<a href="http://easynaukari.com/wp-content/uploads/2015/11/tech-mahin.jpg">Image source</a>

Tech Mahindra continues to expand, buys UK-based digital firm for £40 million

New Delhi, Jan 28 () Mahindra &amp; Mahindra Financial Services Ltd on Tuesday reported 16 per cent rise in its consolidated net profit to Rs 475 crore in the third quarter ended December 31.
The company had posted a net profit of Rs 409 crore in the similar quarter previous fiscal.
The consolidated income of the company was up 14 per cent at Rs 3,081 crore in the October-December quarter of 2019-20 compared to Rs 2,705 crore in a year ago, it said in a release.
On standalone basis, the net profit increased by 14 per cent to Rs 365 crore as against Rs 319 crore. The income grew by 16 per cent to Rs 2,616 crore from Rs 2,246 crore.
Mahindra Finance provides financial services in the rural and semi-urban markets in the country.
Stock of the company closed flat at Rs 352.25 on the BSE. KPM KPM BAL
BAL

You Searched For "Mahindra Mahindra Financial Services" and got 13 results

Mahindra & Mahindra Financial Services to raise Rs 310 cr via NCDs

PTI

Mahindra & Mahindra Fin Services to raise up to Rs 475 cr via NCDs

PTI

Manulife picks 49pc stake in Mahindra AMC for Rs 265 cr

PTI

Global financial services major Manulife enters India in a joint venture with Mahindra Finance

Sriram Iyer

IFC to invest USD 200 mn in Mahindra Finance

PTI

Tech Mahindra to acquire 70 pc stake in Cerium Systems

PTI

Kotak Mahindra Bank, subsidiary sell 20 pc stake in ECA Trading Services

PTI

M&M Financial Services shares jump nearly 5 pc after Q3 results

PTI

Meet the 63-year old making a comeback as Tech Mahindra's CFO

Prabhjote Gill

Mahindra Finance to raise up to Rs 3,500 cr via rights issue

PTI

Tech Mahindra Q3 net profit dips 4.7% to Rs 1,146 cr

PTI

Tech Mahindra continues to expand, buys UK-based digital firm for £40 million

BI India Bureau

Mahindra Finance Q3 net rises 16% to Rs 475 cr

PTI

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