M&MFIN · price
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M&M Financial Services has received approval from its Debenture Issuance Committee to issue Secured, Rated, Floating, Listed, Redeemable Non-Convertible Debentures (NCDs) on a private placement basis. The issue size is up to Rs. 3,000 crore, comprising a base issue of Rs. 2,000 crore with a green shoe option for an additional Rs. 1,000 crore. The NCDs have a face value of Rs. 1 lakh per debenture, with up to 300,000 units being offered. The tenure is approximately 3 years (1095 days), with allotment on 19th May 2026 and maturity on 18th May 2029. The coupon is floating at 3-month T-Bill plus 2.10% spread, payable annually. The NCDs will be listed on the Wholesale Debt Market segment of BSE Limited and are secured against receivables and assets.
This NCD issuance will help M&M Financial raise debt capital for its lending operations. The floating rate structure ties the cost of borrowing to market rates. As this is a wholesale/retail investor instrument for an NBFC, it supports their asset-liability management and may dilute existing shareholders indirectly through increased debt obligations.