Mahindra Lifespace plans to raise debt worth Rs750 crore
The company also said shareholders will reconfirm its borrowing limit of Rs1,500 crore in August
Mumbai: Mahindra Lifespace Developers Ltd on Tuesday said its board has recommended a private placement of non-convertible debentures or other debt securities worth ₹ 750 crore.
The real estate arm of the ₹ 1 trillion Mahindra Group also said its shareholders will reconfirm its borrowing limit of ₹ 1,500 crore at an annual general meeting in August, since a previous approval secured on 21 July 2011, is valid only up to 31 March 2015.
“As per a ministry of corporate affairs circular, validity of the approval is up to 31 March 2015 and it will, therefore, be reconfirmed by shareholders at the ensuing AGM scheduled on 7 August, 2014," the company said.
As of 12.50pm, Mahindra Lifespace shares were trading down 2.56% or ₹ 14.60 at ₹ 556.30, while the benchmark BSE Sensex was down 0.15%.
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