India New Issue-M&M Financial to issue 5-year bonds, bankers say

Mahindra and Mahindra Financial Services

29/05/2024 03:42

MUMBAI, May 29 (Reuters) - India's Mahindra and Mahindra Financial Services  MMFS.NS 
plans to raise 25 billion rupees ($300.48 million), which will include a greenshoe option of
five billion rupees, through sale of bonds maturing in five years, three bankers said on
Wednesday.
    The company will pay a coupon of 8.18% on this issue, and has invited bids from bankers and
investors on Thursday, they said.
    
 
  Here is the list of deals reported so far on May 29: 
                                                                           
   Issuer   Tenure             Coupon (in %)  Issue size (in  Bidding      Rating
                                              bln rupees)*    date         
                                                                           
 M&M        5 years            8.18           20+5            May 30       AAA (Crisil,
 Financial                                                                 India Ratings)
 PFC        10 years, 1 month  To be decided  6+29            May 30       AAA (Crisil,
            and 15 days                                                    Icra)
 
 * Size includes base plus greenshoe for some issues

   ($1 = 83.2010 Indian rupees)

 (Reporting by Dharamraj Dhutia; Editing by Sherry Jacob-Phillips)
 ((Dharamraj.dhutia@tr.com))