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| Shriram Transport Fin to raise Rs 1,000 cr via NCDs |
| Press Trust of India / New Delhi Jul 05, 2009, 17:41 IST |
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Commercial vehicle financier Shriram Transport Finance Company (SFTC) seeks to raise up to Rs 1,000 crore through the issue of debentures to augment its financial capabilities.
"The company has filed its draft prospectus with the National Stock Exchange (NSE) for its proposed public issue of secured non-convertible debentures (NCD), aggregating to Rs 500 crore with an option to retain over-subscription up to Rs 500 crore for issuance of additional NCDs," SFTC said in a statement today.
According to the company, it intends to use the funds raised through the issuance of NCDs for various financing activities, including lending and investments.
The company has appointed four firms — ENAM Securities, A K Capital Services, ICICI Securities and Kotak Mahindra Capital Company — as the lead managers to the issue, while Integrated Enterprises (India) would be acting as the registrar to the issue.
STFC is a part of the Shriram conglomerate which has presence in various financial services like commercial vehicle financing business, consumer finance, life and general insurance, stock broking, chit funds and distribution of financial products.
The company is one of the largest asset financing NBFCs in India with a niche presence in financing pre-owned trucks and small truck owners.
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