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Sep 06, 2012, 03.48 PM IST
Shriram City Union Finance, a non banking finance company, plans to raise money through a public issue of secured non convertible debentures of face value of Rs 1,000 each aggregating up to Rs 250 crore with an option to retain over-subscription up to Rs 250 crore for issuance of additional NCDs aggregating to a total of up to Rs 500 crore.
The NCDs proposed to be issued under this issue have been rated 'AA' by CARE for an amount of up to Rs 500 crore, and 'AA-/stable' by CRISIL for an amount of up to Rs 500 crore. The rating of the NCDs by CARE indicates high degree of safety regarding timely servicing of financial obligations and carrying very low credit risk. The rating of NCDs by CRISIL indicates high degree of safety regarding timely servicing of financial obligations and carrying very low credit risk.
The funds raised through this issue will be used for Shriram City’s various financing activities including lending and investments. The funds would also be used to repay the company’s existing loans; for business operations including capital expenditure and working capital requirements. The NCDs are proposed to be listed on the NSE and the BSE.
JM Financial Institutional Securities Private Limited, A K Capital Services Limited and Edelweiss Financial Services Limited are the lead managers to the issue while Integrated Enterprises (India) Limited is the registrar to the issue.
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