Mahindra seeks shareholders' nod to raise Rs 5,000 cr

Auto major Mahindra and Mahindra will seek its shareholders' approval for raising up to Rs 5,000 crore through issuance of securities on private placement basis from domestic and international markets.
The company would spend the money "to augment resources for, inter alia, the ongoing capital expenditure, long term working capital/short term working capital and for general corporate purposes", the company said in a BSE filing.
For this, the company would seek shareholders' nod by a special resolution at its annual general meeting to be held on August 10, it said.
"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 ...," the filing said.

Last year too, M&M had received shareholders' approval to raise the similar amount but it did not go ahead with the fund raising plan.
"Approval sought at the last Annual General Meeting held on August 7, 2015, has a validity of one year and under which, the Company has till date not issued any securities," the filing said.