History 

_x000D_ The company was incorporated in 1991 as Maxi Motors Financial Services Limited in Mumbai, and the following year, its name was changed to Mahindra and Mahindra Financial Services. They began their operations by financing the buying of Mahindra and Mahindra (M&M) utility vehicles. In 1996, they started financing M&M dealers for the purchase of tractors. In 1999, they expanded this to retail financing of tractors in rural and semi-urban areas._x000D_ _x000D_ In 2002, the company further expanded to include the financing of non-M&M vehicles. In 2004, their non-convertible debentures were listed on the BSE’s wholesale debt market segment. In 2006, the company issued its IPO. In the same year, it collaborated with Maruti Udyog Ltd. In 2007, they were issued a certificate by the RBI under section 45-IA of the RBI Act, 1934, classifying it as an ‘Asset Finance Company-Deposit Taking’. In 2008, they entered the home loan business via their subsidiary, Mahindra Rural Housing Finance Limited (MRHFL). _x000D_ _x000D_ In 2010, they introduced financing for commercial vehicles and construction equipment as a part of their offering. In 2011, their total assets crossed the ₹100 billion benchmark. The company also entered a joint venture with a Rabobank subsidiary for tractor financing in the USA. It also developed its portfolio further with small and medium enterprises financing. _x000D_ _x000D_ In 2020, the company also began a joint venture with Manulife Investment Management (Singapore) to build a Mutual Funds business. It also started a joint venture with Ideal Finance Ltd. to provide financial services in Sri Lanka. In 2021, it launched Quiklyz, a vehicle leasing and subscription business. _x000D_

Business Segments

_x000D_ The company’s business is divided into the following segments:_x000D_

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1. Financing activities - This covers activities such as financing and leasing of automobiles, tractors, commercial vehicles, SMEs and housing finance. M&M also provides loans against vehicles as well as loans against property. This segment covers more than 97% of the total revenue in FY 2023.
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2. Other reconciling items - This includes activities such as Insurance broking, asset management services and trusteeship services. This includes investment instruments such as fixed deposits and mutual funds offered by the company.
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_x000D_ Overall, the business of the company is primarily concentrated in India._x000D_ _x000D_ Subsidiaries_x000D_ _x000D_ The following are some of the major subsidiaries of the company:_x000D_

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1. Mahindra Insurance Brokers Ltd. - This subsidiary provides 3600 insurance solutions, designed to meet diverse needs.
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2. Mahindra Rural Housing Finance Ltd. - It is India’s largest rural housing finance company, facilitating the upgradation of ‘Kuccha’ houses made of mud to ‘Pucca’ houses made of bricks and mortar.
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3. Mahindra Finance CSR Foundation - It is dedicated to supporting, promoting and enhancing education, employment, sustainable livelihood, healthcare, sanitation, drinking water, etc.
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4. Mahindra Manulife Investment Management Private Ltd. - This subsidiary acts as an investment manager for the schemes of Mahindra Manulife Mutual Fund.
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Key Personnel

_x000D_ Mr. Ramesh Iyer, Vice-Chairman & Managing Director_x000D_ _x000D_ He has been instrumental in building Mahindra Finance since 1994 into one of India’s leading rural finance companies. Mr. Iyer manages the Financial Services Sector of the Mahindra Group and also oversees the operations of Mahindra Finance USA, LLC. He is the Chairman of the Finance Industry Development Council (FIDC) and also the Confederation of Indian Industry (CII) WR Task Force Committee on Human Resources. He also co-chairs the NBFC Committee of the IMC Chamber of Commerce & Industry._x000D_

Corporate Actions

_x000D_ The company has performed the following corporate actions:_x000D_ _x000D_ Stock Split_x000D_ _x000D_ The company split its stock from a face value of ₹10 to ₹2 with a record date of February 18, 2013._x000D_ _x000D_ Rights Issue_x000D_ _x000D_ The company had offered a rights issue with a record date of July 23, 2020.