India New Issue-M&M Financial Services to issue over 3-yr bonds - bankers

Mahindra and Mahindra Financial Services

24/01/2024 02:40

MUMBAI, Jan 24 (Reuters) - India's Mahindra and Mahindra Financial Services  MMFS.NS 
plans to raise 30 billion rupees ($360.72 million), which includes a greenshoe option of 25
billion rupees, through a sale of bonds maturing in three years and two months, three bankers
said on Wednesday.
    It will pay an annual coupon of 8.25% and has invited coupon and commitment 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. 24: 
             Issuer                                                              
                       Tenure        Coupon (in %)  Issue size (in  Bidding      Rating
                                                    bln rupees)*    date         
                                                                                 
 M&M Financial         3 yrs and 2   8.25           5 + 25          Jan. 25      AAA (Crisil,
 Services              mnts                                                      India Ratings)
 SBI Cards and               10 yrs           8.33            5.25  Jan. 23      AAA (Crisil,
 Payment Services                                                                Icra)
 L&T Finance Holdings   5 yrs and 2  To be decided     1.25 + 1.75  Jan. 25      AAA (Crisil,
                               mnts                                              Icra)
 
*Size includes base plus greenshoe for some issues



($1 = 83.1680 Indian rupees)

 (Reporting by Dharamraj Dhutia
Editing by Sonia Cheema)
 ((Dharamraj.dhutia@tr.com))