Mahindra Finance Raises Rs 300 Crore By Issuing Bonds

Mahindra & Mahindra Financial Services on Tuesday said it has raised Rs 300 crore by issuing bonds on a private placement basis.

A meeting of the committee of the board on Tuesday approved the allotment of 3,000 secured redeemable non-convertible debentures (NCDs) of a face value of Rs 10 lakh each, aggregating to Rs 300 crore through private placement, Mahindra Finance said in a regulatory filing.

The bonds are set to mature on February 22, 2024, it said. The debt instruments bear an interest rate, or coupon, of 5.98 per cent per annum. Shares of Mahindra Finance on Tuesday traded at Rs 151.50 apiece on the BSE, down by 1.27 per cent from the previous close.

(PTI)