 "Mahindra Fin Services aims to raise up to Rs 24,500 crores via NCDs")
Mahindra & Mahindra Financial Services is looking to raise up to Rs 24,500 crore through issuance of non-convertible debentures (NCDs).
"The Board passed special resolution for issue of NCDs including subordinates debentures, in one or more tranches, aggregating up to Rs 24,500 crore on a private placement basis," the company said in a BSE filing.
The company further said that the Board has also passed special resolution for increase in borrowing limit of Rs 50,000 crore to Rs 55,000 crore under the section 180(1)(c) of the Companies Act, 2013 and creation of charge on the assets of the company under section 180(1)(a) of the Act.
Mahindra & Mahindra Financial Services is one of the leading non-banking financial companies (NBFCs) with customers primarily in the rural and semi-urban markets.
The company has more than 16,000 employees in over 1,000 branches across India.
"The Board passed special resolution for issue of NCDs including subordinates debentures, in one or more tranches, aggregating up to Rs 24,500 crore on a private placement basis," the company said in a BSE filing.
The company further said that the Board has also passed special resolution for increase in borrowing limit of Rs 50,000 crore to Rs 55,000 crore under the section 180(1)(c) of the Companies Act, 2013 and creation of charge on the assets of the company under section 180(1)(a) of the Act.
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The company has more than 16,000 employees in over 1,000 branches across India.