SML Mahindra announced that its board of directors approved raising funds through a rights issue of fully paid-up equity shares amounting to a total not exceeding Rs 1,450 crore. The decision was finalized during a board meeting held on Friday.
The planned issue is targeted at eligible equity shareholders as of a record date, which is not determined yet. The implementation remains subject to receiving necessary regulatory and statutory approvals in compliance with SEBI regulations.
The exact number of securities to be issued and the final pricing will be fixed following receipt of in-principle approval from the stock exchanges.