Mahindra Finance plans INR 500 crore NCD issue

Mahindra & Mahindra Financial Services (M&MFIN) has announced plans to issue non-convertible subordinated debentures (NCDs) on a private placement basis, aiming to raise up to ₹500 Crore. The offering includes a base issue of ₹300 Crore with a green shoe option of up to ₹200 Crore. The NCDs, which are rated, listed and unsecured, have a tenure of 10 years from the deemed date of allotment, February 27, 2025, with maturity on February 27, 2035. The fixed coupon rate is set at 8.30% per annum, payable annually, the redemption amount is ₹1,00,000 per debenture on maturity. The offering was approved by a committee of directors, as authorized by the company's board.