Mahindra and Mahindra Financial Services (Mahindra Finance) is planning to raise up to Rs 29,000 crore through issuance of non—convertible debentures (NCDs) and seeking shareholders’ nod for the same.
In a notice to shareholders, the company said that it“proposed to offer or invite subscriptions for secured or unsecured redeemable NCDs, including subordinated debentures in domestic and/or international market in one or more series or tranches, aggregating up to Rs 29,000 crore on a private placement basis“.
NCDs, including subordinated debentures issued through private placement, constitute a significant source of borrowings for the company.
“The aggregate borrowings of the company as on March 31, 2017, were ₹34,670.4 crore, of which NCDs including subordinated debentures comprised ₹16,391.2 crore,” it added.
The scrip was trading 0.63 % higher at Rs 333 on the BSE.
