Shriram Transport Finance to raise $250 million from global markets

Illustration: Binay Sinha

Shriram Transport Finance Company will raise up to $250 million from global markets to augment its on-lending programme.

The bond issuance committee of the company on Thursday approved the issuance of $250 million (over Rs 1,700 crore) senior secured notes under its $2000 million global medium term note programme, Shriram Transport Finance Company (STFC) said in a regulatory filing.

The company will use the proceeds for onward lending and other activities as may be permitted by the ECB directions, it said.

The date of issuance of the bonds is July 17, 2019 and the maturity date is 24 October, 2022.

The coupon rate on the bonds is 5.950 per cent per annum payable semi-annually.

Shriram Transport Finance Company (STFC) said it plans to list the bonds on the Singapore Exchange Securities Trading.

The non-banking financial company is mainly engaged in vehicle financing business.

It also has presence in consumer finance, life and general insurance, stock broking, chit funds and also distributes financial products like life and general insurance and mutual funds.

Stocks of STFC traded 0.76 per cent higher at Rs 1,051 on the BSE.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel