Mahindra & Mahindra to raise Rs 475 crore via NCDs

Mahindra and Mahindra (M&M) on Monday said that it will raise Rs 475 crore through issuance of non-convertible debentures (NCDs) on a private placement basis. 

"...The Loans and Investment Committee at its meeting held on September 26, 2016...Has approved issuance and offer of 4,750 rated, listed, unsecured, redeemable 7.57% non-convertible debentures of face value of Rs 10 lakh each aggregating Rs 475 crore on a private placement basis," cited the domestic auto major Mahindra and Mahindra (M&M) in a filing to the BSE. 

The company, however, did not mention on the end use of funds it plans to raise.  

The stock of Mahindra & Mahindra (M&M) closed down 2.11% or Rs 29.75 at Rs 1,379. 85 on the BSE on Monday.