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Written by: Staff

Mumbai, Apr 8: Mahindra&Mahindra (M&M) has raised USD 200 million via an FCCB issue for product development, modernisation and expansion by internal growth as well as overseas acquisitions.

The demand for the foreign currency convertible bonds was about 3.2 times the issue size, the company informed the BSE Friday night, adding it was priced at zero coupon for a five-year tenure with a redemption price of 128.03 per cent to yield 5 per cent till maturity.

'' The conversion price has been fixed at Rs 922.04, which is at 40 per cent premium to closing share price of Rs 658.60 on April 5 on the NSE. The conversion price works out to 45 per cent over the last 14-day average share price on the NSE,'' the company release said.

Uday Phadke, president (finance and legal affairs) and member of the group management board of M&M, said the overwhelming demand for the issue indicates the continued interest of global investors in the company.

ABN AMRO Rothschild, Citigroup Global Markets Ltd and Morgan Stanley&Co International Ltd were the book runners for the transaction, the release added.


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