Mahindra & Mahindra Financial Services has announced the allotment of rated, secured, listed, redeemable NCDs aggregating to Rs 582 crore through private placement after the board of directors’ approval. A total of 4,070 non-convertible debentures (NCDs) were allotted with a fixed coupon of 8.10 per cent p.a and a face value of Rs 10 lakh, each aggregating to Rs 407 crore. The instrument will mature after three years from the deemed date of allotment, i.e. 21 November 2025.

Further, the total number of shares allotted by the committee is  1,750 zero coupon NCDs of the face value of Rs 10 lakh each at a discount of Rs 1,74,938 per debenture, aggregating to an issue size of Rs 175 crore and pay-in amount of Rs 144.39 crore. The maturity period of the instrument is two years and 181 days from the date of allotment, 21 November 2025.

The company is India’s leading vehicle and tractor financier, which provides loans to SMEs and also offers fixed deposits.

On a consolidated basis, the company’s net profit declined 55.41 per cent to Rs 490.38 crore, and net sales rose 2.81 per cent to Rs 3,010.95 crore in the second quarter of FY23 over the second quarter of FY22.

On Tuesday, the scrip hit a high of 0.54 per cent to end at Rs 203.35 on the BSE.