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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.

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