Automobile Manufacturer Mahindra will lift up Rs 475 crore through allotment of non-convertible debentures (NCD) on private placement basis.
"The loans and investment committee has approved the issuance and offer of 4,750 rated, listed, unsecured, redeemable, 7.57 per cent non-convertible debentures of face value of Rs 10,00,000 each at par aggregating to Rs 475 crore on private placement basis", said a statement by the Mumbai-basis company.
The instrument will be issued for a period of 10 years on September 27, 2016. The purpose of the allotment has not been revealed by the company.
At around 3’o clock the shares of the company got 1.84 per cent down on Bombay Stock Exchange.