Mahindra Finance raises Rs 500 crore by issuing bonds

Mahindra & Mahindra Financial Services (Mahindra Finance) on Tuesday said it has raised an amount aggregating Rs 500 crore by issuing secured bonds. 

A meeting of the committee of the board was held on Tuesday, February 15, 2022, approving the allotment of 5,000 secured redeemable non-convertible debentures aggregating to Rs 500 crore, Mahindra Finance said in a regulatory filing. 

The tenure of the bonds is 2 years and 365 days from the deemed date of allotment of the bonds, which is February 15, 2022. 

The bonds are set to mature on February 14, 2025. The bonds will bear interest rate at benchmark plus spread per cent payable annually. The spread is 1.65 per cent per annum. The spread will remain constant during the tenor of the instrument, Mahindra Finance said.