Auto major Mahindra & Mahindra (M&M) has received shareholders’ approval to raise up to Rs 5,000 crore through issuance of securities on private placement basis in domestic and/or international markets.
In a filing to the BSE, Mahindra & Mahindra (M&M) said its shareholders have approved resolutions, including raising up to Rs 5,000 crore, at its annual general meeting (AGM) held on August 7.
The company had proposed to raise a sum through offer of securities, including but not limited to non-convertible debentures and/or commercial paper.
In July, the company had said that it intended to use the funds to augment resources for ongoing capital expenditure, short and long term working capital and for general corporate purposes.
M&M’s stock today ended at Rs 1,351.70 on BSE, down 1.81 per cent.