MAHINDRA & MAHINDRA LTD. | Integrated Annual Report 2022-23

263 COMPANY OVERVIEW BOARD’S REPORT MANAGEMENT DISCUSSION AND ANALYSIS CORPORATE GOVERNANCE BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT STANDALONE ACCOUNTS CONSOLIDATED ACCOUNTS 17. Details of Dividends proposed: Rupees crores Particulars 2023 2022 Dividend per share (Rupees)........................................................................................................................................................................................................... 16.25 11.55 Dividend on Equity Shares............................................................................................................................................................................................................... 2,020.73 1,435.89 Total Dividend ...................................................................................................................................................................................................................................... 2,020.73 1,435.89 18. Borrowings a) Long Term Borrowings i) Non Current borrowings Rupees crores Particulars 2023 2022 Unsecured (Carried at Amortised Cost): Debentures........................................................................................................................................................................................................................... 1,471.24 3,467.38 Term loan from banks.................................................................................................................................................................................................. 600.00 1,841.67 Other loans.......................................................................................................................................................................................................................... 260.32 372.48 Total Unsecured Borrowings ............................................................................................................................................................................... 2,331.56 5,681.53 (a) Debentures: Rupees crores 2023 2022 – 9.55% p.a. Senior Redeemable Non-Convertible Debentures maturing in July 2063 ............................... 500.00 500.00 – 7.57% p.a. Redeemable Non-Convertible Debentures maturing in September 2026 ............................... 475.00 475.00 – 6.19% p.a. Redeemable Non-Convertible Debentures maturing in June 2025#............................................. 500.00 500.00 – 6.78% p.a. Redeemable Non-Convertible Debentures maturing in April, 2023 .............................................. — 1,000.00 – 6.65% p.a. Redeemable Non-Convertible Debentures maturing in April, 2023 .............................................. — 1,000.00 Less: Unamortised finance cost ............................................................................................................................................................. 3.76 7.62 1,471.24 3,467.38 # The Company and the debentures holders have call and put option respectively to redeem, in part or in full, the debentures on 8 th June, 2023 and 8 th June, 2024. (b) Term Loan from Banks: The Company has Unsecured Term Loan from banks which are repayable over a period of maximum five years upto May 2025 and carry interest rates which is linked to Repo rate with 2% p.a.p.m. Certain loans have floor rate and ceiling rate defined such that the effective interest rate would range between 5.95% p.a.p.m. to 7.95% p.a.p.m. (c) Other loans mainly comprise of deferred sales tax loans which are interest free and repayable in five equal installments after ten years from the year of availment of respective loan. b) Short Term Borrowings Rupees crores Particulars 2023 2022 Secured (Carried at Amortised Cost): Loans and Advances on cash credit account from Banks ............................................................................................................................. — 2.56 Unsecured (Carried at Amortised Cost): Commercial Papers .................................................................................................................................................................................................................... — 496.48 Current maturities of long term borrowings ........................................................................................................................................................... 2,312.17 317.20 Total Short Term Borrowings ......................................................................................................................................................................................... 2,312.17 816.24 The Company has also availed working capital facilities and other non-fund based facilities viz. bank guarantees and letters of credit, which are secured by hypothecation of inventories.