India New Issue-M&M Financial to issue 10-year bonds, bankers say

Mahindra and Mahindra Financial Services

25/02/2025 03:17

MUMBAI, Feb 25 (Reuters) - India's M&M Financial Services  MMFS.NS  plans to raise 5
billion rupees ($57.63 million), including a greenshoe option of 2 billion rupees, through a
sale of bonds maturing in 10 years, three bankers said on Tuesday.
    It has invited coupon and commitment bids for the issue on Tuesday, they said.
    
 
  Here is the list of deals reported so far on February 25: 
                                                                                
 Issuer           Tenure            Coupon (in %)  Issue size (in  Bidding      Rating
                                                   bln rupees)*    date         
                                                                                
 M&M Financial    10 years          To be decided  3+2             Feb. 25      AAA (Crisil)
 Services                                                                       
                  8-12 year         To be decided  5+5             Feb. 27      AAA (Care,
 NIIF Infra                                                                     Icra
 Finance                                                                        
                                                                                
             TVS  3 years           8.25           5+5             Feb. 28      AA+ (Care)
 Credit Services                                                                
                                                                                
             PFC  4-year, 10-month  To be decided  7+33            Feb. 27      AAA (Crisil,
                  and 12 days                                                   Care, Icra
 PFC              9-year, 10-month  To be decided  7+33            Feb. 27      AAA (Crisil,
                  and 12 days                                                   Care, Icra
 
   * Size includes base plus greenshoe for some issues

($1 = 86.7550 Indian rupees)

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