ALSO READCos garner Rs 3,700 cr via NCDs in April-July FY'18 Mahindra & Mahindra Financial Services standalone net profit declines 36.78% in the March 2017 quarter Mahindra & Mahindra Financial Services consolidated net profit declines 45.73% in the June 2017 quarter Mahindra & Mahindra Financial Services standalone net profit declines 45.52% in the June 2017 quarter Mahindra & Mahindra Financial Services consolidated net profit declines 32.36% in the March 2017 quarter
Four companies raised close to Rs 3,900 crore through retail issuance of non-convertible debentures (NCDs) in the April-August period of the ongoing fiscal to meet their business expansion plans.
In comparison, five companies had collected Rs 16,300 crore through this route in the first five months of the preceding financial year.
The funds have been mobilised for business expansion, supporting working capital requirements and other general corporate purposes.
NCDs are loan-linked bonds that cannot be converted into stocks and usually offer higher interest rates than convertible debentures.
According to the latest data with markets regulator Sebi, four firms -- Muthoot Finance, Mahindra & Mahindra Financial Services, Srei Equipment Finance and Kosamattam Finance -- have mopped up funds totalling Rs 3,896 crore through retail issuance of NCDs in the current fiscal till August.
Individually, Muthoot Finance raised Rs 1,969 crore as against a target of Rs 200 crore in the ongoing fiscal, while Mahindra & Mahindra Financial Services garnered Rs 1,150 crore as against a base size of Rs 250 crore.
Overall, companies had mobilised about Rs 29,550 crore in the entire preceding fiscal.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)