Mahindra & Mahindra Financial Services' board has approved the issuance of non-convertible debentures (NCDs) aggregating upto Rs 2,000 crore on private placement basis.
The issue of Rs 2,000 crore has a base size of Rs 500 crore with a green shoe option upto Rs 1500 crore.The company will issue 2 lakh secured, rated, listed, redeemable NCDs having face value of Rs 1 lakh per debenture on 14 March 2024. These debentures with a coupon rate of 8.25% p.a., will mature on 25 March 2027.
Mahindra & Mahindra Financial Services, part of the Mahindra Group, is one of India's leading non-banking finance companies. Focused on the rural and semi-urban sector, the company has over 8.4 million customers and has an AUM of over $11 billion. The company is a leading vehicle and tractor financier, provides loans to SMEs and also offers fixed deposits.
The company's net profit fell 5.87% to Rs 622.56 crore on 23.49% jump in total income to Rs 4,149.75 crore in Q3 FY24 over Q3 FY23.
The scrip fell 0.59% to end at Rs 285.25 on the BSE.
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