Shriram City Union files draft prospectus for NCD

Non-banking finance company Shriram City Union has filed the draft prospectus for public issue of secured non-convertible debentures (NCDs) up to Rs 750 crore.

Shriram City Union Finance has filed for a draft prospectus for public issue of Secured NCDs of face value of Rs 1,000 each aggregating upto Rs 375 crore and for issuance of additional NCDs aggregating to Rs 750 crore, the city-headquartered company said in a statement. Funds raised through this issue would be used for financing activities, including lending and investments, besides utilising them to repay existing loans, capital expenditure plans and to meet working capital requirements, it said. JM Financial Consultants, AK Capital Services and ICICI Securities are the lead managers to the issue, it said. Shriram City Union has 559 branches across 17 states and employs about 2,318 people, the release added.