M&M to Raise up to $1.3 Billion at $9.1 Billion Valuation

Mahindra & Mahindra Ltd is an Indian multinational automotive manufacturing corporation. The company produces a wide range of sport utility vehicles, trucks, and farm tractors, and is active in the domestic and international markets.

Mahindra & Mahindra Ltd is in advanced talks with global investors to raise $1-1.3 billion. The company intends to raise capital by selling shares in its unit, currently valued at over $9.1 billion. The company may raise as much as $800 million to $1 billion in the first tranche as early as the first half of the financial year 2024. The fresh funding planned to be raised is likely to be deployed into the EV business over the next three to five years.

M&M was founded as a steel trading company in 1945 in Ludhiana as Mahindra & Mohammed by brothers Kailash Chandra Mahindra and Jagdish Chandra Mahindra along with Malik Ghulam Muhammad. “We are open to raising funds for our electric SUV business from like-minded investors, who espouse similar values and share our vision of bringing authentic and world-class vehicles to our consumers globally,” Rajesh Jejurikar, executive director and chief executive of M&M, said.

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