Financial services

Mahindra & Mahindra Financial Services raises Rs 255 crore by issuing bonds

Mahindra & Mahindra Financial Services announced on Monday that it has raised more than Rs 255 crore by issuing bonds on a private placement basis.

A Board Committee meeting on March 28, 2022 approved the allotment of 2,500 non-convertible redeemable debentures (NCDs) with a face value of Rs 10 lakh each, totaling Rs 255.45 crore, by private placement, Mahindra Finance said in a regulatory filing.

The duration of the bonds is 9 years and 234 days and the maturity date is November 17, 2031.

The bonds carry a coupon of 7.45% per annum and the extended internal rate of return (XIRR) is 7.51%.

XIRR is a single rate of return that applies to each payment (and any redemption). It gives the current value of the entire investment.

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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