According to sources, the board of the Automobile major Mahindra & Mahindra's (M&M) is likely to approve the company's bid for ailing Korean SUV maker Ssangyong at its meeting.

While the sources expect the bid to be somewhere in the range of $300-450 million, it is believed that the bid will be financed through a combination of debt and internal accruals. Moreover, Kotak Mahindra will be leading banking entity financing the bid and there will be a host of other third party bankers which have not been finalized yet by the company.

However, the company is now weighing the option of pledging its shares or opting for an equity dilution to raise the money.

It is to be mentioned here companies matching the likes of Renault and Ruia Group and also in the fray of buying the cash-strapped SUV maker.

While the President of the automotive division, Pawan Goenka refused to comment on the issue but it may be noted here that the company has been conducting due diligence for the past one month and is very expected to file a final bid for the target company.