Mahindra Finance board approves allotment of debt securities worth Rs80 crore

21 Jul 2022 , 03:15 PM

Mahindra & Mahindra Financial Services Ltd has informed that a meeting of the Committee of Directors, as authorized by the Board, was held on Thursday, July 21, 2022 from 11:30 a.m to 11:45 a.m., wherein the Committee has approved the allotment of 80 Unsecured Redeemable Non-Convertible Subordinated (Tier II) Debentures (“NCDs”) of the face value of Rs1 crore each, aggregating to Rs80 crore, through private placement.

Accordingly, tenure of the instrument is 10 years from the date of the allotment where the date of allotment is July 21, 2022 and date of maturity is July 21, 2032.

Further interest rate is offered is 8.20% per annum

“In case of default in payment of interest and/or principal redemption on the due dates, additional interest @ 2% p.a. over the documented rate will be payable by the Company for the defaulting period”, the company said on Thursday.

At around 3:15 PM, Mahindra & Mahindra Financial Services was trading at Rs208.90 per share up by Rs4.7 or 2.3% from its previous closing of Rs204.20 per share on the BSE.