Mahindra Lifespace Developers, the real estate and infrastructure development arm of the Mahindra Group is reportedly planning to raise about Rs 400 crore by issue of shares to institutional investors. The company has received its board approval for issue of Equity Shares by way of a Qualified Institutions Placement to Qualified Institutional Buyers. The board of company at its meeting held on August 31, 2013 has approved for the same.
For further approval from shareholders, the Board has fixed September 06, 2013 as the cut-off date for ascertaining the list of the shareholders to whom Postal Ballot Notice will be sent and also for reckoning the voting rights. The time and price at which shares would be issued via QIP route would be decided either by the Board or a committee of Directors to be constituted in this regard.
Mahindra Lifespace Developers (MLDL) is the real estate and infrastructure development subsidiary of Mahindra & Mahindra (M&M). At present, M&M holds 51% of the equity share capital of MLDL. MLDL has two main lines of businesses - standalone real estate development and development of integrated business cities.