Anand Mahindra, chairman of Mahindra & Mahindra
Home-grown auto major Mahindra & Mahindra (M&M) on Monday said it will raise Rs 475 crore through issuance of non-convertible debentures (NCDs) on a private placement basis.
In a regulatory filing, M&M said: "The Loans and Investment Committee... Has approved issuance and offer of 4,750 rated, listed, unsecured, redeemable 7.57 per cent secured non-convertible redeemable debentures with a face value of Rs 10 lakh each aggregating Rs 475 crore on a private placement basis."
The company did not elaborate on end use of funds it plans to raise.
The stock of Mahindra & Mahindra was trading 1.31 per cent lower at Rs 1391.15 on BSE.