India New Issue-M&M Financial Services to issue over 3-year bonds - bankers

Kitco Media
By Reuters
Published:
Updated:
Reuters
MUMBAI, April 18 (Reuters) - India's Mahindra and Mahindra Financial Services plans to raise at least 2 billion Indian rupees ($24.38 million)through sale of bonds maturing in three years and one month, 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 had invited bids from bankers and investors earlier in the day. The notes are rated AAA by Crisil and the issue will be settled later this week. The issue, which will mature in May 2026, has a greenshoe option to retain an additional 10 billion rupees.


In March, the company raised 45 billion rupees from transferable redeemable principal part bonds maturing in five years at 8.25% coupon.
($1 = 82.0290 Indian rupees) (Reporting by Dharamraj Dhutia Editing by Vinay Dwivedi)

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