New Delhi, Mar 28 (PTI) Mahindra & Mahindra Financial Services on Monday said it has raised over Rs 255 crore by issuing bonds on private placement basis.

A meeting of the committee of the board on March 28, 2022 approved the allotment of 2,500 secured redeemable non-convertible debentures (NCDs) of face value of Rs 10 lakh each, aggregating to Rs 255.45 crore, through private placement, Mahindra Finance said in a regulatory filing.

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The tenure of the bonds is 9 years and 234 days, and the date of maturity is November 17, 2031.

The bonds carry coupon of 7.45 per cent per annum and the Extended Internal Rate of Return (XIRR) is 7.51 per cent.

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XIRR is a single rate of return which is applied to each instalment (and any redemptions). It yields the current value of the entire investment.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)