M&M Financial Services to raise Rs 100 crore through 2-year bonds

Mahindra & Mahindra Financial Services is eyeing to raise at least Rs 100 crore through 2-year bonds at 10.19 percent. The issue has been rated ‘AA+’ by CRISIL and the pay-in date for the issue is July 8.

Mahindra Finance provides loans for utility vehicles, tractors, cars, commercial vehicles, construction equipment and personal loans. For the year ended March 31, 2011, the company‘s net profit has increased by 35.17% at Rs 463.11 crore whereas the same was at Rs 342.71 crore for the year ended March 31, 2010. Its total income stood at 2012.58 crore for the year ended March 31, 2011 whereas the same was at Rs 1568.80 crore  for the previous year, up by 28.29%.