Mahindra & Mahindra Financial Services Limited has changed the director representing Life Insurance Corporation of India (LIC) on its Board, effective June 22, 2026. Mr. Ashwani Ghai has ceased to be a Non-Executive (Non-Independent) Director, following the nomination of a new representative by LIC. This transition ensures continued representation for LIC, which holds a significant stake in the non-banking financial company.

Board Composition Change

The Board appointed Mr. Krishna Kumar Sukumaran Nair as a Non-Executive (Non-Independent) Director representing LIC, effective June 23, 2026. This appointment was made on the recommendation of the Nomination and Remuneration Committee and is based on a nomination by LIC under Section 160 of the Companies Act 2013. The appointment is subject to the approval of the Members of the Company at the ensuing Annual General Meeting.

Consequently, Mr. Ashwani Ghai ceased to be a Director effective June 22, 2026. Mr. Ghai had been serving on the Board since June 23, 2023.

Incoming Director Profile

Mr. Krishna Kumar Sukumaran Nair is a seasoned financial services sector professional with over 36 years of managerial expertise. He superannuated from LIC on May 31, 2026, where he previously served as Executive Director – Corporate Governance and Chief Compliance Officer. His career includes leadership roles across regulatory compliance, ESG matters, information technology, and housing finance.

Shareholding Pattern

LIC holds 14,26,25,702 equity shares in the company. This constitutes 10.26% of the paid-up share capital of Mahindra & Mahindra Financial Services Limited as of March 31, 2026.

Mahindra & Mahindra Financial Services Ltd has allotted 93,500 secured, redeemable non-convertible debentures (NCDs) aggregating ₹935,01,60,000 on a private placement basis. The Debenture Allotment Committee approved the allotment on June 18, 2026, at 2:45 P.M. IST, following successful bidding on the BSE Bond-EBP Platform. The issuance comprises a base issue size of ₹500 crore and a greenshoe subscription of ₹435 crore. The debentures, designated as Series AD2026, carry a fixed coupon rate of 7.90% per annum and are rated instruments to be listed on the Wholesale Debt Market Segment of BSE Limited.

The NCDs have a tenure of three years, or 1,096 days, from the deemed date of allotment of June 18, 2026, with a maturity date of June 18, 2029. The face value of each debenture is ₹1,00,000, and they were issued at multiple pricing based on investor bids. The Debenture Issuance Committee had initially authorized the proposal on June 15, 2026.

Security and Payment Structure

The NCDs are secured by way of an exclusive charge in favor of the Debenture Trustee on present and future receivables under loan contracts, hire purchase, and lease agreements. Additionally, the charge covers owned assets and book debts to the extent of 100% of the outstanding debentures. The company will create the appropriate security within the time frame prescribed by applicable law, ensuring the assets are free from any encumbrances.

In the event of a delay in payment of interest or principal for more than three months from the due date, the company will pay additional interest at 2% per annum over the coupon rate for the defaulting period. The debentures do not carry any special rights, interests, or privileges beyond the standard terms.

Coupon and Redemption Schedule

The interest payments will be made annually on June 18 each year until maturity. The principal amount will be repaid in full on the maturity date. The schedule for cash flows per debenture is outlined below: