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Moneycontrol.com >> Message Board >> View Messages >> Mah and Mah
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New Venture on Papers (1)   08-May-08 09:14Tracked by (0)  
Posted by:   stox & more on ( 08-May-08 09:14 )
Price : BSE: Rs 673.85 ( 1.48 % ), NSE: Rs. 676.50 ( 2.49 % )
Automobile major Mahindra & Mahindra said it will seek shareholders approval through postal ballot to raise Rs 700 crore by placement of convertible debentures with a Goldman Sachs-controlled entity Golboot Holdings Ltd. It would utilise the amount raised through preferential offer to meet its requirement for long-term funds, the company said in a filing to the Bombay Stock Exchange.

It would utilise the amount raised towards its auto and tractor business, and It would raise additional resources through issuance of 93,95,974, 9.25 per cent pa, unsecured fully and compulsorily convertible debentures of Rs 745 each,

Each debenture would be converted into one share within 18 months of allotment,
The issue price represents a premium of over 7.91 per cent to the closing price of Rs 690.35 per share traded on BSE on May 2,
With this investment, Golboot Holdings shall own 3.68 per cent of the post issue paid up equity share capital of the company.

The company has appointed S D Israni, practicing company secretary, as a scrutinizer for the proposed postal ballot, The duly filled postal ballots should reach the scrutinizer till June 7 and the result of the ballot would be announced on June 11,
Shares of the company closed at Rs 673.85 on the BSE, up 1.48 per cent from the previous close.



*courtesy ET*
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