Saturday, 16 Dec 2017

'Mahindra & Mahindra Financial Services Ltd'

201623May


Mahindra & Mahindra Financial Services Ltd has come up with the 1st tranche of public issue of Unsecured subordinated Redeemable Non Convertible Debentures (NCDs) of face value of Rs. 1,000 each for an amount of Rs. 250 crores with an option to retain oversubscription upto Rs. 750 crore - for a total amount aggregating upto Rs. 1000 crore.

The issue will open for subscription from May 25, 2016 to June 10, 2016 (The Company has the option of closing the issue on an earlier date, once it receives the amount it has targeted). The company will be paying an interest ranging between 8.34% and 9.00% p.a. on these bonds. For the Category III and IV, the company offers the additional incentive ranging from 10bps to 20bps.

The proposed NCDs issue has been rated ‘CARE AAA (Triple A)’by CARE and “IND AAA” by India Ratings. Instruments with this rating are considered to have highest degree of safety regarding timely servicing of financial obligations and carry lowest credit risk.

 

The Issue details are as hereunder;

 

- Allotment will be made on first come first serve basis; ('First come first serve' here means on Day-basis)
- Physical mode applications can also be made in this Issue
- No TDS, if NCDs are held in Demat
- NRI Cannot invest in this issue


Issue Terms:

 

Issuer

Mahindra & Mahindra Financial Services Ltd

Issue Opening Date

May 25, 2016 (Wednesday)

Issue Closing Date

June 10, 2016 (Issue may pre-close in case of full / over-subscription before scheduled closing date)

Issue Size

Amount aggregating to a total of up to Rs. 1,000 Crores

Face Value (Rs) per NCD

Rs. 1,000

Minimum Application

10 NCDs (Rs. 10,000) (individually or collectively, across all Series) and in the multiple of 1 NCD (Rs. 1,000) thereafter

Nature of NCD

Unsecured subordinated redeemable non-convertible debentures

Listing

The NCDs are proposed to be listed on BSE

Credit Ratings

"CARE AAA" by CARE & "IND AAA" by India Ratings

Mode of Issuance

In Dematerialized / Physical

Registrar to the Issue

Karvy Computershare Private Limited

Frequency  of Interest Payment

Annual / Cumulative / Quarterly options

Interest on Application Money

At the rate of 7.50% per annum from the date of cheque clearing to the deemed date of allotment on allotted amount

Interest on Refund Money

At the rate of 5% per annum; from the date of cheque clearing to the deemed date of allotment

Cheque in favor of (Refer Application)

“MMFSL NCD I Public Issue – Escrow Account”

 

  Intrest Rate:

 
 

 

 Category-Wise Allocation :

 

Category

Category Allocation (Rs in Crores)

Category Allocation (%)

Investor Type

 I – QIB

200

20%

Institutions/ MF/ Insurance Companies

 II – Corporate

200

20%

Corporates/ Partnership Firms

 III - HNI

300

30%

Individuals/ HUF investing above Rs. 5 Lacs

 IV - Retail

300

30%

Individuals/ HUF investing Upto & inclusive Rs. 5 Lacs

Total Issue

1000 Crores

100%

 


 For Research Report Click Here

 

We Highly recommend to apply.

 

Feel free to contact us, we will be pleased to be helpful to you.

 

 

Current Blog