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M&M will be needing shareholders’ approval to raise Rs 5,000 crore


Mahindra&Mahindra will have to take shareholders’ approval for raising up to Rs 5,000 crore through issuance of securities on private placement basis in domestic and/or international markets.

M&M in a BSE filing said that it intends to use the funds to augment resources for ongoing capital expenditure, short and long term working capital and for general corporate purposes.

“The company seeks to pass an enabling resolution to borrow funds from time to time by offer of securities, including but not limited to non-convertible debentures and/or commercial paper for an amount not exceeding Rs 5,000 crore,” it said.

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