Business Other News 16 Jul 2019 Shriram plans Rs 10, ...

Shriram plans Rs 10,000 crore NCD issue

FC INVESTIGATIVE BUREAU
Published Jul 16, 2019, 1:47 am IST
Updated Jul 16, 2019, 1:47 am IST
The issue has a base size of Rs 300 crore with an option to retain over subscription of up to Rs 10,000 crore, says a company statement.
 "The funds raised will be used for onward lending, financing, and for repayment/prepayment of interest and principal of existing borrowings and for general corporate purposes," it said.

Mumbai: Shriram Transport Finance is planning to raise up to Rs 10,000 crore by issuing non-convertible debentures.

"The issue has a base size of Rs 300 crore with an option to retain over subscription of up to Rs 10,000 crore," a company statement said.

 

The proposed NCDs will offer four investment options with tenors of 30, 42, 60 and 84 months, offering coupon rates in the range of 9.12-9.70 per cent. Further, the interest payment option will be monthly for 42, 60 and 84 months, annual for 30, 42, 60 and 84 months tenors and cumulative for 42,60 and 84 months tenors, according to reports.

"The funds raised will be used for onward lending, financing, and for repayment/prepayment of interest and principal of existing borrowings and for general corporate purposes," it said.

The first tranche will open for subscription on July 17 and close on August 16, with an option of early closure or extension and will be listed on the domestic bourses, according to reports.

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