M&M Financial Services to Issue ₹2,000 Cr NCDs
Mahindra & Mahindra Financial Services Ltd has announced the approval for the issuance of Secured, Rated, Listed, Redeemable Non-convertible Debentures on a private placement basis. The Debenture Issuance Committee, authorized by the Board, approved the offer and issuance of up to 2,00,000 Non-Convertible Debentures, with a total issue size of up to ₹2,000 crore (Base issue ₹750 Crore with Green shoe of additional ₹1,250 crore). The debentures will have a tenure of 2 years and 314 days, with a fixed coupon rate of 8.45% per annum. The maturity date is September 26, 2029. The issuance is intended to be listed on the Wholesale Debt Market Segment of BSE Limited. The debentures will be secured by an exclusive charge on present and/or future receivables under loan contracts, hire purchase, lease, owned assets, and book debts.
Key Highlights
- M&M Financial Services to issue Non-Convertible Debentures worth up to ₹2,000 crore.
- Debentures will be secured, rated, listed, and redeemable with a 8.45% fixed coupon.
- Maturity date set for September 26, 2029, with a tenure of over 2 years.
- Issuance to be conducted via private placement and listed on BSE.
- Funds to be raised within overall borrowing limits.
Price Impact
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