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Business News/ Market / Stock-market-news/  M&M Financial Services gets nod to raise Rs10,000 crore
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M&M Financial Services gets nod to raise Rs10,000 crore

M&M Financial will issue 'secured redeemable non-convertible debentures and/or unsecured subordinated redeemable NCDs of face value of Rs1,000 each for an amount up to rupees 10 thousand crores

The NCDs will be issued in one or more tranches up to the shelf limit of Rs10,000 crore. Photo: BloombergPremium
The NCDs will be issued in one or more tranches up to the shelf limit of Rs10,000 crore. Photo: Bloomberg

New Delhi: Mahindra & Mahindra Financial Services on Friday said that it has received approval from Registrar of Companies to raise up to Rs10,000 crore through non-convertible debentures.

The company informed stock exchanges that it will issue “secured redeemable non-convertible debentures and/or unsecured subordinated redeemable non-convertible debentures of face value of Rs1,000 each for an amount up to Rupees 10 thousand crores".

The NCDs will be issued in one or more tranches up to the shelf limit of Rs10,000 crore, it added.

Tranche 1 of the “issue consists of secured redeemable non-convertible debentures of face value of Rs1,000 each and/ or Unsecured, subordinated, redeemable non-convertible debentures of face value of Rs1,000 each (unsecured NCDs) for an amount aggregating up to Rs500 crore ("base issue size") with an option to retain oversubscription up to Rs3,000 crore aggregating up to Rs3,500 crore".

The secured NCDs will be allotted for a value of up to Rs2,500 crore and the unsecured NCDs will be allotted for a value of up to Rs1,000 crore within the overall limit of Rs3,500 crore, the company said.

“The unsecured NCDs will be eligible for Tier II Capital," it added.

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Published: 28 Dec 2018, 10:34 PM IST
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