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Business News/ Companies / Mahindra Lifespace plans to raise debt worth Rs750 crore
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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

As of 12.50pm, Mahindra Lifespace shares were trading down 2.56% or Rs14.60 at Rs556.30Premium
As of 12.50pm, Mahindra Lifespace shares were trading down 2.56% or Rs14.60 at Rs556.30

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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Published: 17 Jun 2014, 02:40 PM IST
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