Mahindra Finance raises over Rs 255 crore by issuing bonds

On Monday, Mahindra & Mahindra Financial Services Limited (MMFSL) told the media that it has raised more than Rs 255 crore by issuing bonds on a private placement basis. A meeting of the committee of the board on March 28, 2022, sanctioned the allotment of 2,500 secured redeemable non-convertible debentures (NCDs) of the face value of Rs 10 lakh each aggregating to Rs 255.45 crore, via private placement, Mahindra Finance said in a regulatory filing. The duration of the bonds is nine years and 234 days, and the date of maturity is November 17, 2031. The bonds carry a coupon of 7.45% per annum, and the Extended Internal Rate of Return (XIRR) is 7.51%. XIRR is a single rate of return that is applied to each installment (and any redemptions). It provides the current value of the total investment. Image Source Also read: Mahindra & Mahindra records 5% wholesale order decline in Oct