Mahindra & Mahindra Financial Services (Mahindra Finance), one of the leading non-banking finance companies with customers primarily in the rural and semi-urban markets of India, will be raising up to Rs 2,000 crore through NCDs. The public issue of the NCDs will open on July 10 and closes on July 28, 2017.
The NCDs proposed to be issued under this Tranche 1 Issue have been rated ‘AAA/ Outlook Stable’ for an amount of Rs 2000 crore, by India Ratings & Research (India Rating) and ‘AAA/ Outlook Stable’ by Brickwork Ratings India (BWR). The rating of NCDs by India Ratings and BWR indicate that instruments with this rating are considered to have highest degree of safety regarding timely servicing of financial obligations and carry lowest credit risk. The NCDs offered through this Tranche 1 Prospectus are proposed to be listed on the BSE.
Mahindra & Mahindra Financial Services, part of the Mahindra Group, is one of India’s leading non-banking finance companies. The company has reported a fall of 32.36% in its consolidated net profit after tax and minority interest at Rs 278.22 crore for the quarter ended March 31, 2017 as compared to Rs 411.33 crore for the corresponding quarter in the FY16.