M&M to seek shareholders' enabling nod for raising Rs 5,000 cr

Auto major Mahindra & Mahindra will seek shareholders' approval for an enabling resolution to raise Rs 5,000 crore through issuance of securities.
The company had in the last AGM held on August 7, 2015 had received approval from its shareholders to raise the said amount through issuance of securities, including but not limited to secured/unsecured redeemable Non-convertible Debentures and/or Commercial Papers under private placement basis, Mahindra & Mahindra said in a BSE filing.
"The company has till date not issued any securities pursuant to this approval. Since the approval of the shareholders in case of offer or invitation for non-convertible debentures has a validity of one year...It is proposed to seek fresh approval from shareholders at the ensuing AGM," it said.

The company's board which will meet on May 30 to consider and approve financial results for the year ended March 31, 2016 will also consider the proposal to pass an enabling resolution, subject to shareholders' approval at the ensuing AGM, M&M said.
"Our focus on the premium, niche segment through Classic
Legends will bring alive some iconic brands like BSA and Jawa, not just in the form of products but as an entire lifestyle," Goenka said.

Classic Legends will introduce iconic classic brands back into the relevant markets.
Classic Legends, which recently bought UK motorcycle firm, BSA Company (BSA), along with all its existing global brand rights, has also signed an exclusive brand licence agreement for the iconic Jawa brand in India, where it has cult status.

The launch of the first few products would happen in around two years under the respective brands and not under the Mahindra brand, he said.
Mahindra Two Wheelers will continue with production at its Pithampur plant where the existing brands of Centuro, Gusto and Mojo will continue to be manufactured.
"The company will continue its exports, especially to the Africa and Asian markets. There would be a continued focus on the Mojo both in marketing and product investment," Goenka said.
Peugeot Motorcycles, in which Mahindra holds 51 per cent stake (through MTWL Europe), continues to focus on growth in its European markets. PMTC will focus on premium new products such as the Metropolis, Django and Speedfight.