Mahindra and MahindraMumbai: Mahindra & Mahindra Financial Services Ltd, a non-banking finance company, intends to raise non-convertible debentures (NCDs) via public issue which opened today.
The NCDs, issued under this Tranche 1 Issue have been rated 'IND AAA / Outlook Stable,' by India Ratings & Research Private Ltd (India Rating). The rating of NCDs by India Ratings and BWR indicate that instruments with this rating are considered to have highest degree of safety regarding timely servicing of financial obligations and carry lowest credit risk. The NCDs offered through this Tranche 1 prospectus are listed on BSE Limited (BSE).
The funds raised through this Tranche 1 issue will be used for onward lending, financing, refinancing the existing indebtedness of the company, long-term and working capital and general corporate purposes.
Mahindra & Mahindra Financial Services Limited, part of the Mahindra Group, focuses on the rural and semi-urban sector. The company has a consolidated assets under management (AUM) of over Rs.54,000 crore, as on March 31, 2017.
The company is primarily engaged in providing financing for new and pre-owned auto and utility vehicles, tractors, cars and commercial vehicles. The company also provides housing finance, personal loans, financing to small and medium enterprises, insurance broking and mutual fund distribution services.
