India's Mahindra to raise $100 mln in convertible bonds

Newswire

BOMBAY, April 30 (Reuters) - India's largest tractor and utility vehicle maker, Mahindra & Mahindra has launched an issue of convertible bonds to raise $100 million, the company said in a statement to the Bombay Stock Exchange on Friday. The issue has a greenshoe option of 15 percent of the subscription. The zero-coupon five-year bonds have a face value of $1,000 per bond and an initial conversion price of 647.05 rupees per share.

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