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| Exchange Disseminated Time 30/05/2016 14:19:36 | Mahindra & Mahindra Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 30, 2016, inter alia, has:
1. Approved recommendation of a Dividend of Rs. 12.00 (240%) per Ordinary (Equity) Share of the face value of Rs. 5 each.
2. Approved an enabling Resolution, subject to Shareholders' approval at the ensuing Annual General Meeting of the Company, inter alia, to raise funds by way of issuance of debt securities including but not limited to secured/ unsecured redeemable Non-convertible Debentures and/or Commercial Papers under Private Placement basis for an aggregate amount not exceeding Rs. 5,000 crores, and authorised the Loans and Investment Committee of the Company to determine the detailed terms and conditions thereof.
The Shareholders of the Company, at the last Annual General Meeting held on August 07, 2015, had approved issuance of securities including but not limited to secured/unsecured redeemable Non-convertible Debentures and/or Commercial Papers under Private Placement basis for an aggregate amount not exceeding Rs. 5,000 crores. The Company has till date not issued any securities pursuant to this approval. Since the approval of the Shareholders in case of offer or invitation for non-convertible debentures has a validity of one year in terms of Section 42 of the Companies Act, 2013 read with Rule 14 of the Companies (Prospectus and Allotment of Securities) Rules, 2014, it is proposed to seek fresh approval from Shareholders at the ensuing Annual General Meeting.
The Meeting of the Board of Directors of the Company commenced at 10.30 a.m. and concluded at 2.00 p.m. |
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