Mahindra Lifespace Developers (MLDL), the real estate and infrastructure development arm of the Mahindra Group, has received SEBI’s approval to raise up to Rs 300 crore through a rights issue. Proceeds from the issue will be primarily used for redemption of non-convertible debentures. The company had filed draft papers with SEBI in January to raise funds through a rights issue and the regulator had issued its ‘observation’ on March 2, which is necessary for any firm to launch public offer.
Mahindra Lifespace Developers is a leader and pioneer in sustainable urban development, through the creation of residential and integrated large format developments across multiple city-clusters - Mumbai Metropolitan Region (Mumbai, Thane, Palghar, Alibaug and Boisar), Pune, Nagpur, Ahmedabad, Nashik, the National Capital Region (New Delhi, Gurgaon and Faridabad), Jaipur, Hyderabad, Bengaluru and Chennai.
