Industry News

Rural Finance Provider 'Mahindra Finance' Aims to Raise Rs 95 crore

Nikita Arya
Nikita Arya

A leading Rural Non-Banking Financial Company of India, Mahindra & Mahindra Services plans to raise Rs 95 crores via the issue of debentures. In this effect, a proposal was approved at a meeting of a duly authorized committee. In a statement, Mahindra Finance says, "The committee approved  the allotment of 950 Secured Redeemed Principal protected Non-Convertible Market Linked Debentures (NCDs) of the face value of Rs 10,00,000 each, at par, aggregating to Rs 95 crore."

Talking about NCDs, companies use these financial instruments to raise long-term capital. This is done through a public issue. NCDs are for a fixed tenure and people who invest in these receive regular interest at a certain rate. 

The date of maturity of debentures is the 10th of August, 2021. Talking about the company's stock, it got closed at Rs 395 on the BSE. 

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