Mahindra Finance to raise around Rs 3,500 cr via non-convertible debentures

Mahindra & Mahindra Financial Services is planning to raise up to Rs 3,500 crore through a non-convertible debenture issue of various maturities. The base issue size is Rs 500 crore with an option to retain oversubscription up to Rs 3,000 crore, the non-banking finance company said here Thursday. The funds raised through this first tranche will be used for the purpose of onward lending, financing, refinancing the existing debts, long-term working capital and for general corporate purposes. The NCDs bear a fixed interest rate, and are being offered under four different series. Series I (39 months), Series II (60 months) and Series III (96 months) are offered as secured NCDs, while Series IV (120 months) is unsecured subordinated debt. Investors will get 9 to 9.50 percent per annum, respectively, payable annually. The amount reserved for secured and unsecured bonds, opening on January 4 and closing on 25, is Rs 2,500 crore and Rs 1,000 crore, respectively. The lead ..

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