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Mahindra & Mahindra Financial Services declared that the company has received approval to raise up to Rs 10,000 crore through non-convertible debentures from Registrar of Companies.
Mahindra & Mahindra Financial Services in its regulatory filing said that the company 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”.
M&M FM added that the NCDs will be issued in one or more tranches up to the shelf limit of Rs 10,000 crores.
According to the company’s statement, tranche 1 of the “issue consists of secured redeemable non-convertible debentures of face value of R 1,000 each and/ or Unsecured, subordinated, redeemable non-convertible debentures of face value of Rs1,000 each (unsecured NCDs) for an amount aggregating up to Rs 500 crore (”base issue size”) with an option to retain oversubscription up to Rs3,000 crore aggregating up to Rs3,500 crore.”
