India’s Mahindra plans to issue up to Rs. 5 billion of debentures

By Susanna Moon

Chicago, Feb. 24 – Mahindra Rural Housing Finance Ltd. notified the Bombay Stock Exchange that it plans to issue up to Rs. 5 billion of nonconvertible debentures or subordinated debt on a private placement basis in one or more tranches.

The company’s board of directors approved the issue at a meeting held Wednesday.

Mahindra is a non-banking finance company. It is a subsidiary of Mahindra & Mahindra Ltd., a Mumbai-based manufacturer of tractors and light commercial vehicles.

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