Mahindra & Mahindra is expected to offer around $300 million to $450 million for South Korean sport utility vehicle maker , a business newspaper reported, citing two people with knowledge of the matter.
The paper said Mahindra's board was likely to approve the bid for Ssangyong at a meeting on Thursday.
Mahindra would fund the bid through a combination of debt and internal accruals and that Kotak Mahindra Bank is likely to finance the debt along with other third party bankers that have not yet been finalised, the paper said.
The paper said Mahindra was not looking at pledging its shares or opting for an equity dilution to raise the money.
Pawan Goenka, Mahindra's president for auto and farm equipment, declined to comment when contacted by the paper.
Mahindra, India's largest utility vehicles maker, is among the six bidders shortlisted to make a bid for cash-trapped Ssangyong, which has been under court-led restructuring since early 2009.