M&M Commits Full Subscription To ₹15 Billion Mahindra Lifespaces Rights Issue

Mahindra & Mahindra Ltd. said late Monday it will fully subscribe to the rights entitlement of its subsidiary, Mahindra Lifespace Developers Ltd., at ₹257 per share. M&M will also pick up additional and any unsubscribed shares from the issue at the same price, it said in an exchange filing.

Earlier in the day, Mahindra Lifespaces' board approved a plan to raise up to ₹15 billion through a rights issue by offering up to 58.22 million shares.