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Mumbai, May 3: Mahindra&Mahindra (M&M) will raise Rs 700 crore through Unsecured Fully and Compulsorily Convertible Debentures (FCD) to be invested in its auto and tractor businesses.

Subject to shareholders consent on June 11, the Board of Directors of the Company has approved of 93,95,974 FCDs carrying an interest of 9.25 per cent per annum to be issued to Golboot Holdings, a subsidiary of Goldman Sachs for Rs 745 each, including a premium of Rs 735, which will be convertible into one equity share of Rs 10 each within 18 months of allotment, Company stated in a release issued here today.

Following the deal, Golboot Holdings shall own 3.68 per cent of the post issue paid up equity share capital of the company, the release added.

UNI