M&M to raise $200 mn for expansion

Mahindra & Mahindra's board had approved raising up to $200 mn in the domestic or overseas market to finance its export initiatives and expansion.

Mahindra & Mahindra Ltd, India's top utility vehicle maker, said on Tuesday its board had approved raising up to $200 million in the domestic or overseas market to finance its export initiatives and expansion.

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The company said it would have a right to retain an additional 15 per cent of the subscription to the issue.

Before the announcement, shares in Mahindra closed 1.7 per cent higher at Rs 607.55 in a weak Mumbai market.