Mahindra & Mahindra Financial Services (M&M Finance) has decided to raise Rs 5,000 crore through issuing rupee denominated notes overseas. The company will be setting up a medium term notes programme for raising funds by way of secured or unsecured issue of rupee denominated notes overseas (settled in US dollars) and raising funds by way of notes under the programme, subject to receipt of necessary approvals, for an amount not exceeding Rs 5000 crore. Furthermore, the companys board of directors at their meeting on October 25, considered and approved raising funds by way of public issue of non-convertible debentures, subject to necessary regulatory approvals, if any, not exceeding Rs 4,000 crore in one or more tranches.
M&M Finance is a non-banking financial company (NBFC). The Company serves the financing needs of population residing in rural and semi-urban areas of India. The company has reported 27.41% fall in its consolidated net profit after tax and Minority Interest of Rs 114.05 crore for the quarter ended September 30, 2016 as compared to Rs 157.11 crore for the same quarter in the previous year.