India New Issue-M&M Financial to issue 10-year bonds - traders

CARE Ratings

23/09/2022 03:33

MUMBAI, Sept 23 (Reuters) - India's Mahindra and
Mahindra Financial Services  MMFS.NS  plans to raise at least
2.50 billion rupees ($30.85 million) through the sale of bonds
maturing in 10 years, three merchant bankers said on Friday.
    The non-banking financial company will pay an annual coupon
of 8.00% on this issue, and has invited commitment bids due on
Monday, they said.
    The notes are rated AAA by CARE Ratings and will close for
subscription next week.
    The issue has a greenshoe option to retain an additional
17.50 billion rupees. 
    Earlier this month, the company raised 3 billion rupees
through the reissuance of 8.20% July 2032 bonds at the yield of
8.15%.
    ($1 = 81.0450 Indian rupees)
 (Reporting by Dharamraj Lalit Dhutia;  Editing by Sherry
Jacob-Phillips)
 ((Dharamrajlalit.dhutia@tr.com))