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.

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.

HT Image

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.