M&M to raise $100 million

By siliconindia staff writer   |   Monday, 29 March 2004, 08:00 Hrs
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NEW DELHI : Mahindra & Mahindra Ltd on Monday announced plans to raise $100 million from international and domestic markets to fund its new product development programme and acquisitions abroad, reports Economic Times.

The firm said its board of directors have approved plans to raise this additional long-term resource of up to $100 million. It also has the right to retain additional 15 per cent subscription.

The firm intends to issue foreign currency convertible bonds or other appropriate securities in the international or domestic market for the purpose.

The funds are being raised to meet investment in research and development, new product development, absorption of new technology and resource requirement for inorganic growth in respect of the company's businesses and for such other corporate purposes as may be permitted under applicable laws.

The board has also approved raising limits for holdings by foreign institutional investors from 24 per cent to 35 per cent of its paid-up capital.

The firm will convene an extra-ordinary general meeting on April 29 to seek members approval for these proposals.

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