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Shriram Transport Finance approves funds raising via QIB, capital infusion by promoter

The company board has fixed a floor price of Rs 1,433.32 per share for the QIP offering.

June 08, 2021 / 09:19 AM IST
 
 
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Shriram Transport Finance Corporation in its board meeting approved raising of funds via qualified institutional buyers (QIB), and preferential allotment to promoter entity.

"... at its meeting held on June 7, the board has approved raising of funds by issuance of equity shares and warrants to Shriram Capital, promoter of the company, on a preferential basis," company said in the release.

The floor price for per equity shares and warrants is Rs 1,439.90.

The board approved the issue price of the equity share at Rs 1,440 per equity share including premium of Rs 1430 per equity share.

The issue price of the warrant is Rs 1,440 per warrant (25% payable upfront and balance payable at the time of conversion into equity shares).

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The company proposed to issue up to 17,36,100 equity shares at a price of Rs 1,440 per equity share, for an aggregate consideration of up to Rs 2,499,984,000.

The board proposed to issue up to 17,36,100 Warrants at Rs 1,440 per warrant aggregating to Rs 2,499,984,000.

The company board also approved opening of the QIB issue and fixed a floor price of Rs 1,433.32 per share for the QIP offering.

The company may offer such discount on the floor price as may be approved by the Securities Issuance Committee in accordance with SEBI ICDR Regulations.

On June 7, share price Shriram Transport Finance Corporation ended at Rs 1,490.10, up Rs 66.05, or 4.64 percent on the BSE.
Moneycontrol News
first published: Jun 8, 2021 09:19 am

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