Mahindra & Mahindra Financial Services Ltd (MMFSL) is one of India's leading non-banking finance companies focused on customers primarily in the rural and semi-urban sector of India with over two decades of existance. The company is primarily in the business of financing purchase of new and pre-owned auto and utility vehicles, tractors, cars, commercial vehicles, construction equipment's and SME financing.
MMFSL is also engaged in personal loans/gold loans, insurance broking, housing finance and Mutual Fund/AMC. It has 1,182 offices covering 27 states and 4 union territories in India, as of March 31, 2017. Parent company has 51.20% holding in this arm.
|Issue Open||Jul 10, 2017 - Jul 28, 2017|
|Security Name||Mahindra & Mahindra Financial Services Ltd|
|Security Type||Secured, Redeemable, Non-Convertible Debentures (Secured NCDs) and/or Unsecured Subordinated Non-Convertible Debentures (Unsecured NCDs)|
|Issue Size (Base)||Rs 250.00 Crores|
|Issue Size (Shelf)||Rs [.] Crores|
|Issue Price||Rs 1000 per NCD|
|Face Value||Rs 1000 each NCD|
|Minimum Lot size||10 NCD|
|Market Lot||10 NCD|
|Basis of Allotment|
|High Net Worth Individual Investors Portion|
|Retail Individual Investors Portion|
The promoters of the company is Mahindra & Mahindra Limited.
The object of the issue are:
1. For the purpose of onward lending, financing, refinancing the existing indebtedness of the Company, long term working capital; and
2. General corporate purposes.
This offer is rated 'IND AAA' / Outlook Stable' for an amount of Rs. 2000 crore, by India Ratings & Research Private Limited "India Rating" and 'BWR AAA, Outlook: Stable' by Brickwork Ratings India Private Limited. The rating of NCDs by India Ratings and BWR indicate that instruments with this rating are considered to have highest degree of safety regarding timely servicing of financial obligations and carry lowest credit risk.
NCDs have tenure of 7, 10 and 15 years with annual interest payment. For the said tenures, it offers 7.75%, 7.90% and 7.95% for QIBs and Corporate and 7.85%, 8.00% and 8.05% for HNIs and Retail categories respectively. For 15 years tenure, the company may exercise Call Option after 10 years.
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