Mahindra & Mahindra (M&M), one of India's leading business groups, has successfully placed a NCD series of 50-year maturity for Rs 500 crore on private placement basis. The NCDs will, be unsecured, rated, listed, redeemable at the end of 50-year and will carry a coupon of 9.55% pa payable annually. This is the first ever INR-denominated NCD issue with a 50-year bullet maturity offered by an Indian corporate. The successful placement of the NCDs is testimony to the unassailable reputation and credit worthiness of M&M.
The proceeds of this issue will be used for capex, long term working capital requirements and refinancing loans taken for capital expenditure. Credit Rating Agencies, CRISIL and ICRA have assigned M+/stable rating to the issue.
Mahindra & Mahindra is the flagship company of the Mahindra Group. The company’s core automotive and farm equipment businesses have grown into market leaders whose triple bottom line ethic is driving industry trends towards technological innovation, social responsibility, and constantly improving customer satisfaction.
| Company Name | CMP |
|---|---|
| Tata MotorsPassenger | 355.35 |
| Maruti Suzuki | 13725.40 |
| Mahindra & Mahindra | 3329.50 |
| Hyundai Motor India | 1852.45 |
| Mercury Metals | 30.94 |
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