Minda Finance Limited (BSE:539303) announced a private placement of 87,500 3% non-cumulative redeemable preference shares at INR 400 per share for gross proceeds of INR 35,000,000 on February 24, 2016. The shares will be issued to Minda Investments Limited. The shares will be issued on preferential basis.

The company will issue preference shares at fixed 3% interest rate. The transaction has been approved by board of directors of the company.