Mahindra unit to raise $1.4 bln in bonds

A finance unit of India's Mahindra & Mahindra Ltd plans to sell bonds worth 69.25 billion rupees to help fund buyers of its utility vehicles and tractors, the company said.
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Updated on Feb 26, 2009 11:36 AM IST
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Reuters | By, Mumbai

A finance unit of India's Mahindra & Mahindra Ltd plans to sell bonds worth 69.25 billion rupees ($1.4 billion) to help fund buyers of its utility vehicles and tractors, the company said.

Mahindra & Mahindra Financial Services Ltd will issue the bonds in one or more tranches and the terms will be finalised closer to the date of issuance, it said in a statement to the Bombay Stock Exchange late on Wednesday.

Crisil rates the company's long-term debt with a negative outlook and short-term debt is rated. Fitch rates the company's subordinated debt with a stable outlook.

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