Mahindra & Mahindra Financial Services on Wednesday said it will raise up to Rs 475 crore through issue of debentures. In a meeting held on Wednesday, the company approved the allotment of 4,750 secured redeemable non-convertible debentures (NCDs) of the face value of Rs 10,00,000 each aggregating to Rs 475 crore, Mahindra & Mahindra Financial Services said in a BSE filing.
The tenure of the instrument is two years and 364 days from the deemed date of allotment, it said. The deemed date of maturity of debentures is April 28, 2023, it added.
Shares of Mahindra & Mahindra Financial Services were trading at Rs 158.60 a piece on the BSE, up 2.89 percent.