Mahindra & Mahindra Financial Services is planning to raise up to Rs 3,500 crore through a non-convertible debenture issue of various maturities.
The base issue size is Rs 500 crore with an option to retain over subscription up to Rs 3,000 crore, the non-banking finance company said here Thursday. The funds raised through this first tranche will be used for the purpose of onward lending, financing, refinancing the existing debts, long-term working capital and for general corporate purposes.
The NCDs bear a fixed interest rate, and are being offered under four different series. Series I (39 months), Series II (60 months) and Series III (96 months) are offered as secured NCDs, while Series IV (120 months) is unsecured subordinated debt. Investors will get 9 to 9.50 percent per annum, respectively, payable annually.
The amount reserved for secured and unsecured bonds, opening on January 4 and closing on 25, is Rs 2,500 crore and Rs 1,000 crore, respectively. The lead managers to the issue are Edelweiss Financial Services, AK Capital Services, Axis Bank, ICICI Securities, SBI Caps, Trust Investment Advisors and Yes Securities.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.