Mahindra Fin Services plans to raise Rs 1,000 cr via NCDs

Mahindra & Mahindra Financial Services has sought markets regulator Sebi's approval to raise up to Rs 1,000 crore through issuance of non-convertible debentures (NCDs).
The funds raised through NCDs will be used for lending activities and for other corporate purposes, as per the draft prospectus filed with Securities and Exchange Board of India (Sebi).
The company has filed draft paper for "public issue by Mahindra & Mahindra Financial Services of up to 1 crore unsecured subordinated redeemable NCDs of face value of Rs 1,000 each aggregating up to Rs 1,000 crore (shelf limit)."
The NCDs will be issued in one or more tranches up to the shelf limit.

Mahindra & Mahindra Financial Services is one of the the leading non-banking finance 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.