Mahindra Finance looks to raise up to Rs 29,000 cr via NCDs

PTI New Delhi | Updated on January 11, 2018 Published on May 15, 2017

Mahindra and Mahindra Financial Services (Mahindra Finance) is planning to raise up to Rs 29,000 crore through issuance of non-convertible debentures (NCDs) and has sought shareholders’ nod for the same.

In a notice to shareholders, the company said it “proposed to offer or invite subscriptions for secured or unsecured redeemable NCDs, including subordinated debentures in the domestic and/ or international market in one or more series or tranches, aggregating up to Rs 29,000 crore on a private placement basis".

NCDs, including subordinated debentures issued through private placement, constitute a significant source of borrowings for the company.

“The aggregate borrowings of the company as on March 31, 2017, were Rs 34,670.4 crore, of which NCDs including subordinated debentures comprised Rs 16,391.2 crore,” it added.

The scrip was trading 0.63 per cent higher at Rs 333 on the BSE.

Published on May 15, 2017
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