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Report: Mahindra & Mahindra Financial to issue up to US$300M of masala bonds

Mahindra & Mahindra Financial Services Ltd. plans to raise up to US$300 million via rupee-denominated offshore bonds, also known as masala bonds, Mint reported Feb. 6, citing "two people directly aware of the company's discussions with potential lenders."

The bonds will issued in two tranches and will have tenors of five years and seven years, respectively, the sources said.

A spokesperson for Mahindra & Mahindra Financial declined to comment on the matter, the publication reported.