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Our Bureau

Mumbai , Feb. 14

MAHINDRA & Mahindra Ltd informed on Tuesday that its board has approved the raising of additional long-term resources of up to $200 million.

The amount could be raised in one or more tranches from the domestic or international markets using appropriate instruments.

"The said funds are being raised to finance the company's export initiatives and globalisation plans, potential acquisitions in the domestic and overseas markets, development and absorption of new technology, capital expenditure, new product development and for such other corporate purposes as may be permitted under applicable laws," a company statement to the BSE said.

The company has reserved the right to retain an additional 15 per cent of over-subscription during the fund raising.

More Stories on : Overseas Borrowings | HCV/LCV/Tractors | Mahindra & Mahindra Ltd

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