You are using an older browser version. Please use a supported version for the best MSN experience.

Mahindra Finance looks to raise up to Rs29,000 crore via NCDs

LiveMint logoLiveMint 15-05-2017 PTI

New Delhi: Mahindra and Mahindra Financial Services (Mahindra Finance) is planning to raise up to Rs29,000 crore through issuance of non-convertible debentures (NCDs) and is seeking shareholders’ nod for the same.

In a notice to shareholders, the company said it “proposed to offer or invite subscriptions for secured or unsecured redeemable NCDs, including subordinated debentures in domestic and/or international market in one or more series or tranches, aggregating up to Rs 29,000 crore on a private placement basis”.

NCDs, including subordinated debentures issued through private placement, constitute a significant source of borrowings for the company.

“The aggregate borrowings of the company as on March 31, 2017, were Rs 34,670.4 crore, of which NCDs including subordinated debentures comprised Rs16,391.2 crore,” it added. The scrip was trading 0.63 per cent higher at Rs 333 on the BSE.

More From LiveMint

image beaconimage beaconimage beacon