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LIC increases its stake in Mahindra and Mahindra Finance over the last 18 months

LIC increases its stake in Mahindra and Mahindra Finance over the last 18 months

LIC increases its stake in Mahindra and Mahindra Finance over the last 18 months
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By CNBCTV18.com Nov 24, 2022 1:49:46 PM IST (Published)

LIC has bought 24.8 million shares in the company, equivalent to 2.011 percent of its total shareholding, through open market purchases during the period between April 6, 2021, and November 22,  2022.

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Mahindra and Mahindra Financial Services Ltd. on Wednesday said that state-owned insurer Life Insurance Corporation of India (LIC) has raised its stake in the company.


M&M Financial Services said that LIC has bought 24.8 million shares in the company, equivalent to 2.011 percent of its total shareholding, through open market purchases during the period between April 6, 2021, and November 22,  2022.

As a result, LIC’s shareholding in M&M Financial Services has increased from 5.011 percent earlier to 7.022 percent as of November 23, 2022.

Earlier this month, the company said that its stand-alone net interest income (NII) grew by 1.6 percent to Rs 1,517 crore in the September quarter due to strong disbursement growth.

Profit after tax (PAT) rose to Rs 448 crore from Rs 223 crore in the June quarter. The company maintained its capital adequacy at 23.8 percent vs 25.9 percent in the previous quarter.

However, net interest margins (NIMs) stood at 7.5 percent compared to 8.2 percent in the June quarter due to an increase in borrowing costs and an unfavourable asset mix.

M&M Financial Services is a non-banking financial company (NBFC) that provides asset finance and other financial products and services to buyers in rural and semi-urban markets.

The M&M Financial Services stock is currently trading at Rs 207.70, up 0.39 percent.

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