Mahindra to mobilise Rs 475 crore via NCDs

New Delhi: Home-grown auto major Mahindra & Mahindra (M&M)  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 percent 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 and Mahindra was trading 1.31 percent lower at Rs 1391.15 on BSE.