The Hindu Business Line : Mahindra Gesco plans follow-on public issue

The board of directors of the company has approved the proposal at its meeting on Monday. The board has decided to issue 65 lakh equity shares partly through a follow-on public issue and partly to the qualified institutional investors under the new scheme announced by SEBI recently.

In addition to this, the company would also issue warrants to promoters exercisable into 37 lakh equities on a preferential basis. Promoters Mahindras hold 55 per cent stake in the company.

To seek shareholders nod

Mahindra Gesco would seek shareholders approval for the proposal at the coming annual general meeting in July, the company said in a notice to the stock exchanges.

The timing of the public issue would be decided later, depending on the market conditions said a company official. The company requires capital for its on-going real estate projects as well as its proposed SEZ in Pune. The Mumbai based company had signed an MoU with the Maharashtra Government to set up a special economic zone in Pune. This is the third such project being developed by the company.

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