India New Issue-M&M Financial Services accepts bids for over 3-yr bonds - bankers

Mahindra and Mahindra Financial Services

29/01/2024 02:29

MUMBAI, Jan 29 (Reuters) - India's Mahindra and Mahindra Financial Services  MMFS.NS 
has accepted bids worth 8.68 billion rupees ($104.4 million) for a sale of bonds maturing in
three years and two months, three bankers said on Monday.
    It will pay an annual coupon of 8.25%, and had invited bids for the issue on Thursday, they
said.
    Earlier this month, it had raised 3 billion rupees through the sale of bonds maturing in 10
years at an annual coupon of 8.35%.
    
 
  Here is the list of deals reported so far on Jan. 29: 
                                                                          
 Issuer         Tenure        Coupon (in %)  Issue size (in  Bidding      Rating
                                             bln rupees)*    date         
                                                                          
 M&M Financial  3 yrs and 2   8.25           8.68            Jan. 25      AAA (Crisil,
 Services       mnts                                                      India Ratings)
                2 years and   8.0610         4.90            Jan. 25      AAA (Careedge,
 ICICI Home     2 months                                                  ICRA)
 Finance                                                                  
                                                                          
 
* Size includes base plus greenshoe for some issues

($1 = 83.1370 Indian rupees)

 (Reporting by Dharamraj Dhutia; Editing by Varun H K)
 ((Dharamraj.dhutia@tr.com))