M&MFIN · price
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Mahindra & Mahindra Financial Services has allotted 2,20,000 Secured, Rated, Floating, Listed Redeemable Non-convertible Debentures (NCDs) of face value Rs. 1,00,000 each, aggregating Rs. 2,200 crore. The issue comprises a base size of Rs. 2,000 crore plus a green shoe option of Rs. 200 crore, issued at par on private placement basis to identified investors. The NCDs carry a floating coupon rate of 3MTBILL+2.10% spread payable annually with quarterly resets, and will be listed on BSE's Wholesale Debt Market Segment. The tenure is approximately 3 years, maturing on 18th May 2029. The debentures are secured by exclusive charge on the company's receivables, owned assets, and book debts.
This is a routine debt fund-raising exercise by Mahindra Finance to meet its lending capital requirements. The floating rate structure indicates market-linked pricing, and the successful subscription with green shoe exercise reflects investor confidence in the Mahindra group. No direct equity impact but will increase the company's debt obligations.