Mahindra & Mahindra Financial Services Limited announces Public Issue of Secured and Unsecured Subordinated Redeemable Non-Convertible Debentures (NCDs)

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Biznext India : Leading NBFC company and part of the Mahindra Group, Mahindra & Mahindra Financial Services Limited (“Company” or “Mahindra Finance”) plans to undertake a public issue of NCDs opening tomorrow i.e. January 04, 2019.

The NCDs proposed to be issued under this Tranche I Issue have been rated ‘CARE AAA (Triple A); Stable by Credit Analysis & Research Ltd. (“CARE”) and ‘IND AAA; Stable’ by India Ratings & Research Private Limited (“India Rating”) for an amount of Rs. 10,000 crores. The rating of NCDs by CARE and India Ratings 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 I Prospectus are proposed to be listed on the BSE Limited (“BSE”).

These NCDs, bearing a fixed rate of interest, are being offered under four different Series. Series I (39 months), Series II (60 months) and Series III (96 months) are offered as Secured NCDs while Series IV (120 months) is offered as Unsecured Subordinated NCDs.

The coupon rate on Series I, Series II, Series III and Series IV NCDs for Category I (QIB) and Category II (Corporate) holders is 9.00%, 9.10%, 9.20% and 9.35% p.a., respectively, payable annually. The coupon rate on Series I, Series II, Series III and Series IV NCDs for Category III (HNI) and Category IV (Retail Individual) holders is 9.05%, 9.15%, 9.30% and 9.50% p.a., respectively, payable annually.

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