This would be subject to necessary shareholders' approval, M&M informed the Bombay Stock Exchange.
The company would be seeking the consent of shareholders for the decision of transferring business by a postal ballot, in addition on amendment to object clause of memorandum of association of the company in accordance with the Companies Act, it said.
The results of the postal ballot would be declared at the forthcoming annual general meeting to be held on July 28, it added. The company also announced that it would issue bonus shares to its shareholders.
The board of directors of the company has recommended an issue of bonus shares to equity shareholders in the ratio of 1:1, one bonus share for every ordinary share held by them, M&M informed the Bombay Stock Exchange.