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MUMBAI: MAHINDRA & Mahindra Ltd on Friday said that it had completed its $100-million FCCB issue with investors from Western Europe and Asia.

The issue was oversubscribed and priced at zero coupon for a five-year tenure with a redemption price of 117.49 per cent to yield 3.25 per cent until maturity. The conversion price was fixed at Rs 647.05, which is at 37 per cent premium to Thursday's closing share price of Rs 472.30. The issue holders had the option to convert them to shares at any time, a company official said.

The company had earlier said the funds were being raised to meet investment in research and development, absorption of new technology and resource requirement for inorganic growth of its businesses and other corporate purposes. The company had obtained its shareholders' approval for this issue on April 29.

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