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Tuesday, Mar 30, 2004

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M&M to raise $100 m

Our Bureau

Mumbai , March 29

MAHINDRA & Mahindra Ltd (M&M) has informed the BSE that its board has approved the raising of additional long-term resources up to $ 100 million.

This will be through the issue of foreign currency convertible bonds and / or other appropriate securities in the international or domestic markets on terms to be decided in due course.

``The said funds are being raised to meet interalia the investment in research and development, absorption of new technology and the 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,' M&M's statement said.

The company has the right to retain additional 15 per cent subscription.

M&M's board has also raised the limit for holding by foreign institutional investors from 24 per cent to 35 per cent of the company's paid up capital.

An EGM to seek members' approval for these measures is set for April 29.

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