Mahindra to raise funds through debentures

May 3rd, 2008 - 5:23 pm ICT by admin  

Mumbai, May 3 (IANS) India’s leading multi utility vehicle maker Mahindra and Mahindra will raise additional resources through issuance of fully and compulsory convertible debentures to Golboot Holdings Limited, an entity controlled by Goldman Sachs. The company will utilise the amount raised through the preferential offer for its auto and tractor businesses.

The company said in a filing to the Bombay Stock Exchange Saturday that its board of directors approved raising additional resources through issuance of 9.3 million 9.25 percent per annum unsecured fully and compulsorily convertible debentures of the face value of Rs.745 each aggregating over Rs.7 billion to Golboot Holdings Limited.

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