Mahindra Rural Housing Finance to raise Rs 1,900 cr via bonds

Mahindra Rural Housing Finance said it will raise Rs 1,900 crore by issuing bonds on private placement basis.

"Board of Directors...has approved the issue of secured and/or unsecured non-convertible debentures including subordinated debentures for an aggregate amount not exceeding Rs 1,900 crore on a private placement basis", the company said in a regulatory filing.

Mahindra Rural Housing Finance Limited (MRHFL), a subsidiary of Mahindra and Mahindra Financial Services Limited (MMFSL) provide home loans primarily in rural areas.

Since inception in April 2007, MRHFL opened operations in nine states: Maharashtra, Gujarat, Rajasthan, Madhya Pradesh, Tamil Nadu, Andhra Pradesh, Karnataka, Kerala and Bihar.