M&M Financial Services to Issue Up to ₹3,000 Cr NCDs
Mahindra & Mahindra Financial Services Ltd's Debenture Issuance Committee approved the offer and issuance of secured, rated, floating, listed, redeemable non-convertible debentures (NCDs) on a private placement basis. The issuance is within the overall borrowing limits approved by shareholders. The NCDs have a face value of ₹1,00,000 each, with a total issuance size of up to ₹3,000 crore, including a green shoe option of ₹1,000 crore. The tenure of the instrument is 2 years and 364 days, with a maturity date of May 18, 2029. The coupon rate is (3MTBILL+2.10% Spread) p.a. payable annually, subject to quarterly reset. The debentures are secured by a charge on receivables under Loan contracts/Hire Purchase/Lease.
Key Highlights
- M&M Financial Services will issue secured, rated, floating, listed, redeemable NCDs.
- The NCDs will be issued via private placement.
- The total issue size is up to ₹3,000 crore, including a ₹1,000 crore green shoe option.
- The NCDs have a tenure of 2 years and 364 days, maturing on May 18, 2029.
- Coupon rate is (3MTBILL+2.10% Spread) p.a., payable annually with quarterly reset.
Price Impact
More from M&MFIN