Mahindra and Mahindra Finance Committee of Directors on Friday approved the allotment of non-convertible debentures worth Rs 345 crore, the company announced through an exchange filing. The series AM2023 will consist of NCDs worth Rs 1,00,000 per debenture.
The NCDs will be listed on the Wholesale Debt Market Segment of the Bombay Stock Exchange Limited. The debentures will have a tenure of 3 years and will mature on September 15, 2026.
The coupon or interest offered has been fixed at 7.99 per cent p.a. In case of default in payment of Coupon redemption on the due dates, additional interest of 2 per cent p.a. over
the Coupon will be payable by the Company for the defaulting period.
The proceeds of the issue will not be utilized for various financing activities, onward lending, to repay existing indebtedness, working capital and general corporate purposes such as investments for liquidity and statutory requirements, capital expenditure, revenue expenditure.
The NCDs have received a CRISIL AAA / Stable rating from CRISIL Ratings limited.