Rural NBFC, Mahindra Mahindra financial services ltd. prepares to take on a public issue of NCDs, which sums around Rs.500 crore. The public issue is initiated on January 04, 19 and its cessation will be on January 25. The company expects to raise capital up to Rs.3, 500 crores via the issue of NCDs.
Further, the company estimates to retain oversubscription equal to Rs. 3,000 crore, which sums up to Rs. 3,500 crore from tranche 1 issue.
In a regulatory filing M M states that the company will be listing the NCDs which will be procured via tranche 1 issue. The company offers NCDs under four categories: Series I (39 months), Series II (60 months) and Series III (96months) comprises secured NCDs whilst Series IV ( 120 months) comprises unsecured NCDs.
Even, the company has disclosed the coupon rates also which states as the coupon rates series I, series II, series III and series IV NCDs for category I (QIB) and category II (corporate) holders is 9 per cent, 9.10 per cent, 9.20 per cent and 9.35 per cent per annum, respectively, payable annually.
The coupon rate on series I, series II, series III and series IV NCDs for category III (HNI) and category IV (retail individual) holders is 9.05 per cent, 9.15 per cent, 9.30 per cent and 9.50 per cent per annum, respectively, payable annually. ( source Business line)