Mahindra Finance to raise Rs 1,000 crore

Mahindra Finance to raise Rs 1,000 crore

Non-banking finance company (NBFC) major Mahindra & Mahindra Financial Services on Tuesday said it will raise debt capital of Rs 1,000 crore with a public issue of non-convertible debentures (NCDs). 

Mahindra Finance Executive Director and CFO V Ravi said, “It is the first such issue from the firm, and will be open for subscription from May 25 to June 10.”

The NCDs proposed to be issued under this Tranche 1 Issue have been rated ‘IND AAA’ by India Ratings and Research and ‘CARE AAA’ by Credit Analysis & Research. The NCDs are proposed to be listed on BSE within 12 working days from the issue closure date.

Mahindra Finance said the funds raised through this Tranche 1 Issue will be used for onward lending, financing, refinancing the existing indebtedness of the company, long-term and working capital and general corporate purposes.

The NCDs, bearing a fixed rate of interest, are being offered under nine different series interest rate which will be ranged between 8.60% and 9%.

The company said ICICI Securities, A K Capital Services, Edelweiss Financial Services, JM Financial Institutional Securities, SBI Capital Markets, Trust Investment Advisors Private and Yes Securities (India) are the lead managers to the issue. 

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