Mahindra Finance allots INR 500 crore debentures

Mahindra & Mahindra Financial Services (BSE: M&MFIN) announced the allotment of Rs. 500 crore in Unsecured, Rated, Listed, Subordinated (Tier II), Redeemable Non-convertible Debentures (NCDs) today. The decision was approved by the Committee of Directors following a successful bidding process on the BSE Bond-EBP Platform. A total of 50,000 NCDs, each with a face value of Rs. 1,00,000, were issued at par with an 8.30% coupon rate. The NCDs have a tenor of 10 years from the allotment date and were offered to identified investors through private placement. Mahindra Finance intends to list these NCDs on the Wholesale Debt Market Segment of BSE Limited. The company has also uploaded the intimation regarding the allotment of debentures on its website.