| | |
Public issue by Shriram Transport Finance Company (STFC) of secured non-convertible debentures of face value of Rs 1000 each, aggregating upto Rs.300 crore with an option to retain oversubscription of upto Rs 300 crore aggregating to a total of upto Rs 600 crore has been oversubscribed.
The issue had opened for subscription on July 26, 2012 and closed on July 31, 2012. The NCDs will be allotted on first-come-first-served basis.
This issue has been rated AA/Stable by CRISIL and AA+ by CARE for an amount of upto Rs 600 crore. The rating of the NCDs by CRISIL and CARE indicates high degree of safety regarding timely servicing of financial obligations and carrying very low credit risk. The NCDs will be listed on the NSE and the BSE.
The funds raised through this Issue, after meeting the expenditures of and related to the Issue, will be used for STFC’s various financing activities including lending and investments, for repaying the existing loans and for the business operations including capital expenditure and working capital requirements.
JM Financial Institutional Securities Private Limited, A.K. Capital Services Limited, ICICI Securities Limited and Kotak Mahindra Capital Company Limited are the lead managers to the issue.
Shriram Transport Finance Company is a part of the Shriram group of companies which has a strong presence in financial services in India, including commercial vehicle financing, consumer finance, life and general insurance, stock broking, chit funds and distribution of financial products such as life and general insurance products and mutual fund products.
ADS BY GOOGLE
video of the day
Nifty to fall below 7500 if Q3 disappoints; GST key: Kumar