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| Shriram Transport Fin to set up unit for parts finance |
| BS Reporter / Chennai May 18, 2009, 00:42 IST |
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Chennai-based commercial vehicle financier Shriram Transport Finance Company Ltd is planning to set up a subsidiary for equipment finance. The proposed capital for the new company is around Rs 150 crore.
R Sridhar, managing director, Shriram Transports Finance Limited, told Business Standard that the new company would commence operations in the next three months and operate at group company’s offices across 470 locations in the country.
The company would cater to small and medium contractors in the construction industry before diversifying into other segments.
Meanwhile, the company’s board of directors has approved to raise funds by way of a public issue of secured, redeemable non-convertible debentures not exceeding Rs 1,000 crore in one or more tranches, pursuant to the provisions of the Sebi Regulations, 2008, it informed the Bombay Stock Exchange.
Part of the Chennai-based Shriram group, Shriram Tansport Finance reported a 35.67 per cent growth in the net profit in the quarter ended March 31, 2009, at Rs 153.8 crore as compared with Rs 111.8 crore during the same quarter last year.
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