Khaitan & Co acted as the sole domestic legal counsel to Mahindra & Mahindra Financial Services in connection with the establishment of MTN Programme, for the issue of, inter alia, India rupee-denominated bonds overseas (Masala Bonds).

The foreign bonds issued pursuant to the MTN Programme are proposed to be listed on the Singapore Stock Exchange.

Mahindra & Mahindra is one of India’s leading rural NBFC (non banking financial company) headquartered in Mumbai. It is one of the top tractor financers in India and offers a wide range of financial products to address varied customer requirements.

This is one of the first MTN programme establishments by a private sector NBFC for the issue of Masala Bonds.

Sudhir Bassi (executive director), Manisha Shroff (associate partner), Ashwinee Oturkar (principal associate), Rolwine Alva (senior associate), Abhay Agarwal (associate) and Hemant Kothari (associate) represented the client on the transaction.