Category Mahindra

M&M;’s FES registers 7% decline in domestic sales in January 2009

Mahindra & Mahindra’s Farm Equipment Sector (FES) sold a total of 82,323 units during the April-January period this fiscal. This figure includes domestic sales as well as exports and represents a 1.75% decline over the 83,789 units sold in the April-January period in the last fiscal.

M&M’s cumulative tractor sales in the domestic market in April-January FY 2008-09 were 76,282 units, compared to 77,016 units sold in the April-January period in the last fiscal.

For the month of January 2009, M&M’s sales of tractors in the domestic market stood at 6,666 units as compared to 7,174 units for January last year – a decline of 7%.

Exports during January this year were 265 units, as against 879 units for the same period last year...

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Mahindra to launch low-cost tractor by mid-2009

In a manifestation of what seems to be ‘the Nano effect,’ M&M is looking at launching a low-cost tractor, which may well be one of the least expensive tractors in the world. To be launched by June/July 2009, this low-cost tractor – which is yet unnamed – is expected to be priced at around Rs 1.5 lakh and is aimed at farmers who may be on a tight budget and/or who have smaller tracts of farm land.

The low-cost tractor, prototypes of which are already being field tested, will not compete against any other existing tractor in the M&M line-up, or indeed, against any tractor from other manufacturers, and is expected to create a new niche in the market...

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M&M; to raise additional resources through FCDs

The Board of Directors of Mahindra & Mahindra Limited, at its meeting held on 3rd May 2008, have approved raising additional resources through issuance of 9,395,974, 9.25% p.a. unsecured fully and compulsorily convertible debentures (FCDs) of the face value of Rs.745 each, aggregating Rs 7,000,000,630, to Golboot Holdings Limited, an entity controlled by Goldman Sachs.

Each FCD will be convertible into one equity share of Rs 10 each in the company, at a price of Rs 745 per share (including premium of Rs 735 per share) in accordance with Chapter XIII of the Securities and Exchange Board of India (Disclosure & Investor Protection) Guidelines, 2000.

The FCDs shall be convertible into equity shares at anytime within 18 months from the date of allotment of FCDs at the option of the inves...

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