MUMBAI, March 24 (Reuters) - India's Mahindra and
Mahindra Financial Services plans to raise 45 billion
Indian rupees ($546.32 million) by selling separately
transferable redeemable principal part bonds maturing in five
years, three merchant bankers said on Tuesday.
The non-banking financial company will pay an annual coupon
of 8.25% on this issue, for which it has invited bids from
bankers and investors on Tuesday, they said.
The notes are rated AAA by Crisil and the issue will be
settled next week.
The STRPP bonds have a put option at end of two years, as
well as three years.
Earlier this month, the company raised 2.85 billion rupees
selling bonds maturing in three years at an annual coupon of
8.30%.
($1 = 82.3700 Indian rupees)
(Reporting by Dharamraj Dhutia
Editing by Saumyadeb Chakrabarty)
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