HOME > BUSINESS > Mahindra Finance to raise Rs 2,000 cr via debentures

Mahindra Finance to raise Rs 2,000 cr via debentures

Non-banking financial services company Mahindra & Mahindra Financial Services said it plans to raise Rs 2,000 cr by issuing debt instruments to the public.

The non-convertible debenture issue will open on July 10.

The NCDs carry a rating of IND AAA from India Ratings and BWR AAA from Brickwork Ratings.

The instruments will be offered in three different series.

For institutions and corporates, the interest rate will range between 7.75% and 7.95%, depending on the tenure, which ranges from 7 to 15 years.

For individuals, the interest rate will be 7.85% to 8.05%, and will be paid annually.

“The funds raised through this Tranche 1 issue will be used for onward lending, financing, refinancing the existing indebtedness of the Company, long-term and working capital and general corporate purposes,” the NBFC said.

The issue will be managed by Edelweis, Axis Bank, AK Capital, Trust Investment Advisors and Yes Securities.

Follow ULTRA.news
Mahindra launches fuel-efficient van under Jeeto brand to take on Maruti Suzuki Omni Automaker Mahindra & Mahindra launched a new minivan based on its Jeeto platform, priced at Rs 3.45 lakh before taxes.At the price, the van is likely to appeal to semi-commercial users, such as schools, institutions and shops. The company already has a similar offering on its...
Minda Corp raises Rs 25 cr via commercial paper Auto ancillary company Minda Corp said it had raised Rs 25 cr by issuing commercial paper.Commercial paper refers to unsecured, short-term promissory notes or debt issued by a company.These paper usually mature in a few weeks or months and are used for working capital an...
GMR closes funding for Mopa Airport, Axis Bank underwrites debt GMR Goa International Airports Limited said it closed funding for the upcoming Mopa Airport in Goa, with Axis Bank underwriting the entire debt of Rs 1,330 cr."Having tied up funding for the project, we are working towards starting on ground construction activity post monsoon...
RCom says telcos facing cash flow issues due to ‘go slow’ approach by banks Telecom operator Reliance Communications said companies in the sector are facing cash flow issues due to what it called a 'go slow' approach taken by banks in disbursing loans.In an update on its 'standstill agreement' with its lenders, which provides it a window of seven mon...
HPCL appoints bankers for Rs 6,000 cr FCCB issue Hindustan Petroleum Corp Ltd said it had appointed banking intermediaries for organizing investor meetings in the run up to raising Rs 6,000 cr ($930 mln) by selling foreign-currency denominated bonds.The bonds will be non-convertible, and will be issued if the meetings disco...
Are ‘truly free’ demat and trading accounts here in India with Finvasia? Finvasia, a technology-driven online broking start-up, announced that it has rolled out what it claimed was India's first 'truly' free online demat account for investing in stocks and derivatives, including futures.There have been many 'free demat account' providers in the p...
RCom ‘respectfully disagrees’ with Fitch and Moody’s on its credit rating Anil Ambani-led Reliance Communications said it disagrees with the decision of agencies Moody's and Fitch to downgrade the company's credit rating based on its 'standstill agreement' with its lenders.Shares of RCom fell 4% to Rs 19.30 on the National Stock Exchange today ...
RCom formally assures lenders it will pay Rs 25,000 cr in four months Anil Ambani Group's telecom arm Reliance Communications said it has 'formally' communicated to its lenders that it will pay an amount of Rs 25,000 cr to them on or before Sept 30.The latest statement from the telecom operator comes as a way of reassuring investors and lenders...
RCom says looking to refinance various payments till September Anil Ambani Group's Reliance Communications said it was in talks with its lenders and partners to put off some of the instalment payments that the company had to pay until the completion of its merger with Sistema Shyam Teleservices and Aircel Cellular by September this year....
Fitch Ratings upgrades Tata Motors on improving business performance JLR contributes most of the company's profitsFitch Ratings has upgraded its rating on Tata Motors by one notch, pointing to the automaker's improving business performance."The upgrade reflects the sustained improvement in TML's Indian automotive business over the last tw...
Glaucus questions stock price of Hong Kong-listed Fullshare Holdings Ltd Glaucus Research Group, a California-based short seller, said it was selling Hong Kong-listed developer Fullshare Holdings due to peculiar trading patterns seen in the stock's counter."Fullshare is supposedly a commercial and residential property developer, but this business ...
US Fed unlikely to reverse quantitative easing this year: HDFC Securities US Federal Reserve BuildingBroking and financial firm HDFC Securities Ltd said it does not expect the US Federal Reserve to start sucking out the liquidity that it has infused into the global financial market in the last nine years any time soon.The comments came in the ...
Rs 1.7 lakh cr deposited via demonetization may not be withdrawn – SBI Monthly cash withdrawals for all banks | source:SBI ResearchThe Indian banking system is likely to get a permanent liquidity boost of Rs 1.7 lakh cr due to the demonetization of high-denomination bank notes, State Bank of India chief economic adviser said in a note to bank c...
PNB, Corp Bank most aggressive in going after big debtors; SBI, BoB more relaxed Punjab National Bank, the third largest public sector bank in India, and smaller cousin Corporation Bank can teach bigger siblings like State Bank of India and Bank of Baroda a thing or two about going after big loan defaulters, an analysis of Reserve Bank of India data shows. ...
Administrative charges on employee provident fund cut to 0.65% from 0.85% After keeping the move on hold for three months due to the elections, the Employees' Provident Fund Organization has cut its administrative charges on the funds it manages to 0.65% from 0.85%, according to labor ministry sources.The cut in administrative charges -- which was ...
Vodafone merger values Idea at Rs 109.76 per share The merger deal between Idea Cellular and Vodafone India values equity shares of the Aditya Birla Group company at about Rs 109.76 at the time of completion of the merger, 2% below its present trading value.According to the terms of the contract, when the merger of Vodafone I...
Stock markets pricing in a BJP win in Uttar Pradesh – analyst Officials tally votes in a recent electionThe recent strength in India's key stock market indices indicates that market participants are pricing in a victory for the Bharatiya Janata Party in Uttar Pradesh, according to an stock market analyst.India's largest state has b...
Investors starting to understand Mukesh Ambani’s telecom game – Angel Broking Investors are only now starting to realize the plan that Mukesh Ambani and his telecom brainchild, Reliance Jio, have put into practice, and are therefore driving stock prices of his company higher, said Angel Broking, a retail-only stock-broker.Reliance Industries share pric...
Housing.com says demonetization to hit Real Estate sales: re-enters rentals Anticipating a slow down in home sales in the coming months in the wake of the crackdown on 'black money', housing.com will restart its rental classifieds business soon.The portal, which had seen an ugly spat between founder Rahul Yadav and investors two years ago, had sh...
Good time to buy Indian stocks – Morgan Stanley Global financial services major Morgan Stanley said India seemed poised for a five-year growth cycle for equities due to favorable macro-economic factors."India's macro stability remains in its best shape in several years and policy momentum is the best since 2007. Financial ...
No Income Tax on FCCB proceeds, SC rules on RCom The Supreme Court on Monday dismissed the petition filed by the Income-Tax Department against Reliance Communications on taxing of the proceeds of Foreign Currency Convertible Bonds (FCCBs), said the telecom operator.The Supreme Court order has quashed contingent tax liabilit...
Mahindra opens spare parts warehouse in Mahindra World City, Jaipur Mahindra & Mahindra Ltd said it opened a spare parts warehouse in Mahindra World City, Jaipur."It is one of the largest warehouses in the country and the company’s first in northern India, it will cater to the requirement of Mahindra customers in north and north western reg...
India gold price jumps Rs 796 for 10 grams Expect the unexpected is the case what we see in gold price today.The country saw a sudden hike in the gold price today as Rs 30,820 for 10 grams from yesterdays price of Rs 30,024.The price for 10 grams has rose by 796 rupees from yesterday in India.UPDATE: As of 151...
NPA Crunch: Lypsa Gems repays Rs 7.5 cr to Bank of India, sets an example Lypsa Gems and Jewellery Ltd said it reduced its secured debt by 25% by repaying a loan of Rs 75 mn to Bank of India.As of today, its debt stands at Rs 235 mn, down from Rs 31O mn as of 31st March 2016, it said. Debt Equity Ratio has dropped from 1.03x to 0.75x.Lypsa is...
Mahindra & Mahindra launches “eSupro” electric vans at 8.5 lakhs Mahindra & Mahindra said it launched its "eSupro" electric vans. There will be two models -- cargo and passenger.The cargo vans are priced at Rs 8.45 lacs while the passenger variant is priced at Rs 8.75 (both Delhi ex-showroom price).The eSupro platform will cater pr...