Mahindra In Talks To Raise Up To $1.3 Billion For EV Unit: Report
NDTV
Mahindra and Mahindra Ltd plans to raise capital by selling shares in its unit, currently valued at over $9.1 billion, in multiple tranches over the next two fiscal years.
Automaker Mahindra and Mahindra Ltd is in advanced talks with global investors to raise between $1 billion and 1.3 billion to accelerate the expansion of its electric vehicle unit, Mint reported on Wednesday.
The company plans to raise capital by selling shares in its unit, currently valued at over $9.1 billion, in multiple tranches over the next two fiscal years, the report said, citing people familiar with the matter.
Mahindra did not immediately respond to Reuters' request for comment.
Shares of Mahindra rose as much as 1.7% on Wednesday, but are still down over 6% so far this year, compared to a 7% rise in rival Tata Motors