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Mahindra & Mahindra Financial Services Ltd. plans to raise up to 35 billion Indian rupees through the issuance of nonconvertible debentures.

The company said Dec. 28 that it will issue up to 25 billion rupees worth of secured debentures and up to 10 billion rupees of unsecured debentures.

The unsecured nonconvertible debentures will be eligible for Tier II capital, the company noted.

As of Dec, 28, US$1 was equivalent to 69.96 Indian rupees.