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Mahindra & Mahindra Financial Services issues 20B rupees of notes

raised 20 billion Indian rupees through the issuance of debtand commercial paper.

The companyissued 5 billion rupees of retail subordinated debt and 15 billion rupees ofcommercial paper, according to a March 3 filing.

As of March 3, US$1 was equivalent to 67.20Indian rupees.