The Board of Directors of Mahindra & Mahindra Financial Services has approved the allotment of zero coupon secured redeemable non-convertible debentures (NCDs) worth Rs 216.70 Crore.

The face value of NCDs will be Rs 10 lakhs each with aggregating and will be issued based on private placement. Also, the debt securities will be issued for Rs 1,05,259 per debenture after the discount.

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The NCDs will be redeemed at par at Rs 10 lakhs per debentures after the maturity of one year and 215 days from the date of allotment. Among all NBFCs banks, Mahindra Finance ranks larger in India with gross loan assets of Rs 64,961 crore as of 31 March 2022.

Assets on which company finances are UVs, LCVs, tractors, cars, and other assets. The company’s net profit had surged to Rs 601 crore in Q4 FY22 from Rs 150 crore in Q4 FY21. Total income declined 6.5 per cent to Rs 2,466.36 crore in Q4 FY22 from Rs 2,637.51 crore in Q4 FY21. Currently, the scrip fell at 3.77 per cent to Rs 195 on BSE.