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Mahindra and Mahindra Financial Services (Mahindra Finance) has been planning to raise up to Rs 29,000 crore through issuing non-convertible debentures (NCDs) and seeks shareholders approval for the same.
The company has said in a notice to shareholders that it “proposed to offer or invite subscriptions for the secured or unsecured redeemable NCDs, including subordinated debentures in domestic and/or international market in one or more series or tranches, aggregating up to Rs 29,000 crore on a private placement basis.”
It added that “The aggregate borrowings of the company as on March 31, 2017, were Rs 34,670.4 crore, of which NCDs including subordinated debentures comprised Rs 16,391.2 crore.”
