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Mahindra & Mahindra Financial to issue up to 35B rupees of debentures

India's Mahindra & Mahindra Financial Services Ltd. plans to raise up to 35 billion Indian rupees via an offering of nonconvertible debentures.

The base issue size is 5 billion rupees, with an option to retain oversubscription of up to 30 billion rupees, according to a Jan. 3 filing with the BSE.

The offering is made up various options, with tenors ranging from 39 months to 120 months and coupon rates of between 9% and 9.5% per year.

The proceeds from the issuance will be used for onward lending, financing and refinancing of existing indebtedness. It will also be used for long-term working capital and general corporate purposes.

The issuance opens Jan. 4 and will close on Jan. 25. The NCDs will be listed on the BSE.

Edelweiss Financial Services, A. K. Capital Services, Axis Bank, ICICI Securities, SBI Capital Markets, Trust Investment Advisors and Yes Securities (India) are the lead managers for the issuance.

As of Jan. 3, US$1 was equivalent to 70.14 Indian rupees.