Shriram Transport Finance To Raise $500 Million Through Secured Notes
Asset financing firm Shriram Transport Finance Company Ltd. on Tuesday said it will raise $500 million (approximately Rs 3,475.50 crore) through issuance of secured notes.
The firm said it plans to use the proceeds from the fund raise for onward lending and other activities as may be permitted by the External Commercial Borrowings directions.
"The bond issuance committee has approved issuance of $500,000,000 (approx Rs 3,475.50 crore) senior secured notes under the $2,000,000,000 global medium term note programme...The company is signing the pricing supplement in this regard," Shriram Transport Finance Company said in a Bombay Stock Exchange filing.
These notes have a tenure of 3.5 years and carry an interest rate of 5.95 percent per annum, payable semi-annually, the filing said. They will be listed on the Singapore Exchange Securities Trading Ltd.
Shares of Shriram Transport Finance Company were trading 1.40 percent higher at Rs 1,238.95 apiece on BSE.