SML Mahindra Board Approves Rs 1450 Crore Rights Share Issue

Board approved rights issue of Rs10 face value equity shares for up to Rs1450 Cr to eligible shareholders as on record date (to be notified), subject to regulatory approvals. Second large equity funding after recent placement; scale marks step-change to fund pending truck-bus acquisition, capacity build and bus backlog under Mahindra integration. Price, ratio, record date, timing and use of proceeds not disclosed; subject to approvals with terms left to Rights Committee; dilution quantum and promoter take-up key to read.