Mumbai, Feb. 21 -- Mahindra & Mahindra (M&M)'s subsidiaries, Mahindra & Mahindra Financial Services Ltd (MMFSL) and Mahindra Lifespace Developers Ltd (MLDL), have received board approval to raise funds through rights issues. This means existing shareholders will have the opportunity to buy additional shares in proportion to their current holdings.

MMFSL and MLDL, both part of the Mahindra Group, have received approvals from their boards to raise funds through rights issues. MMFSL plans to raise up to Rs 3,000 crore, while MLDL will target up to Rs 1,500 crore.

M&M, as the parent company, has pledged to participate fully in both rights issues by subscribing to its full entitlement. M&M is also willing to purchase additional shares beyond...