Mahindra & Mahindra Financial Services Limited has informed the Exchange about issue of Securities
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On the reaction day the stock moved 0.3 pts more than Nifty Midcap 150 and 0.3 pts more than its Non Banking Financial Company (NBFC) peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Mahindra & Mahindra Financial Services has approved the issuance of up to 10,000 secured, rated, redeemable non-convertible debentures (NCDs) on a private placement basis, with a total size of up to Rs. 100 crore at a face value of Rs. 1,00,000 per debenture. The NCDs carry a fixed coupon of 7.05% per annum, with a tenure of about 1 year and 349 days, maturing on 29 June 2027 and being allotted on 15 July 2025. Interest will be paid annually, and the instruments will be listed on the Wholesale Debt Market Segment of BSE. The issue is secured by an exclusive charge on the company's receivables, owned assets, and book debts to the extent of 100% of outstanding debentures. In case of default, an additional 2% per annum interest will be payable over the coupon rate.
This is a routine debt-raising exercise of modest size (Rs. 100 crore) at a market-rate coupon, unlikely to materially affect shareholders. It slightly increases the company's borrowings but is well within approved limits and reflects normal business funding activity.