The committee has approved the allotment of 4,070 non-convertible debentures (NCDs) with a fixed coupon of 8.10% p.a. and of face value of Rs 10 lakh each, aggregating to Rs 407 crore. The teure of the instrument is 3 years from the deemed date of allotment and accordingly, the date of maturity is 21 November 2025.

The committee has further approved the allotment of 1,750 zero coupon NCDs of face value of Rs 10 lakh each, issued at discount of Rs 1,74,938 per debenture, aggregating to issue size of Rs 175 crore and pay-in amount of Rs 144.39 crore. The teure of the instrument is 2 years & 181 days from the deemed date of allotment and accordingly, the date of maturity is 21 November 2025.

Mahindra Finance, part of the Mahindra Group, is one of India's leading non-banking finance companies. Focused on the rural and semi-urban sector, the company has over 8.1 million customers and has an AUM of over $11 billion. The company is a leading vehicle and tractor financier, provides loans to SMEs and also offers fixed deposits.

The company's consolidated net profit declined 55.41% to Rs 490.38 crore despite a 2.81% rise in sales to Rs 3,010.95 crore in Q2 FY23 over Q2 FY22.

The scrip rose 0.54% to end at Rs 203.35 on the BSE today.