India New Issue-M&M Financial to reissue March 2027 bonds, bankers say

Mahindra and Mahindra Financial Services

12/03/2024 02:59

MUMBAI, March 12 (Reuters) - India's Mahindra and Mahindra Financial Services  MMFS.NS 
plans to raise 20 billion rupees ($241.7 million), which includes a greenshoe option of 15
billion rupees, through reissue of 8.25% March 2027 bonds, three bankers said on Tuesday.
    It has invited bids from bankers and investors for the issue on Wednesday, they said.
    
 
    Here is the list of deals reported so far on March 12: 
             Issuer                                                         
                     Tenure        Coupon (in %)  Issue size (in            Rating
                                                  bln rupees)*    Bidding   
                                                                  date      
                                                                            
                                                                            
 M&M Financial       3 years       To be decided  5+15            March 13  AAA (Crisil,
 March 2027 reissue                                                         India Ratings)
             NIIF    12 years      To be decided  2.5+3.5         March 13  AAA (ICRA,
 Infra Finance                                                              Careedge)
                                                                            
             DMI     3 years       9.80           4.64            March 11  AA (Icra)
 Finance                                                                    
                                                                            
             Ramco   4 years and   7.80           1.50            March 11  AA+ (Icra)
 Cements             6 months                                               
                                                                            
 Ramco Cements       4 years and   7.80           1.50            March 11  AA+ (Icra)
                     9 months                                               
 Ramco Cements       5 years       7.80           2               March 11  AA+ (Icra)
 
 * Size includes base plus greenshoe for some issues

($1 = 82.7520 Indian rupees)

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