pennews
www.pennews.net
 Shriram Transport NCDs open for subscription on July 17
Business

Shriram Transport NCDs open for subscription on July 17

Agency News

Mumbai, Jul 15: NBFC major Shriram Transport Finance Company Limited's public issue of secured redeemable non-convertible debentures (NCDs) of the face value of Rs 1,000 each will open for subscription on July 17.

The company is coming out with its tranche 1 Issue of NCDs having a base size of Rs 300 crore with an option to retain oversubscription aggregating up to Rs 10,000 crore which is the shelf limit.

The Issue will open for subscription on Wednesday and is scheduled to close on August 16 with an option of early closure or extension, as may be decided by the company board or the duly constituted committee thereof, being the Debt Issuance Committee- Public NCDs as mentioned in the prospectus.

The proposed NCDs under the Tranche 1 Issue have been rated ‘CARE AA+; Stable’ by CARE Ratings Limited, ‘CRISIL AA+/Stable’ by CRISIL Limited and ‘IND AA+: Outlook Stable’ by India Ratings and Research Private Limited. These ratings indicate high degree of safety regarding timely servicing of financial obligations and carrying very low credit risk.

The funds raised will be used for onward lending, financing, and for repayment/ prepayment of interest and principal of existing borrowings of the Company and for general corporate purposes.

These NCDs, bearing a fixed rate of interest, are being offered under 10 different series. They are proposed to be listed on the National Stock Exchange of India Limited (NSE) and the BSE Limited (BSE) and NSE shall be Designated Stock Exchange.

JM Financial Limited, A. K. Capital Services Ltd and SMC Capitals Limited are the Lead Managers to the Issue. Catalyst Trusteeship Limited is the Debenture Trustee to the Issue, while Integrated Registry Management Services Private Limited is the Registrar to the Issue. (UNI)