Shriram Finance to consider fund raising

The NBFC on Wednesday (28 December 2022) announced that its board will consider fund raising by issuing non-convertible debt securities / bonds during the month ending 31 January 2023.

In an exchange filing, Shriram Finance said that it will consider raising of funds by issuing redeemable non-convertible debt securities including bonds in onshore/offshore market on private placement basis, subject to market conditions.

In this regard, the meeting of the company's banking and finance committee, debt issuance committee and allotment committee will be held to consider and approve the issuance and allotment of redeemable non-convertible debt securities / bonds during the month ending 31 January 2023.

The proposal is subject to such terms and conditions including the issue price of debt securities / bonds, as the said committees may deem fit.

Shriram Finance is India's largest retail asset financing non-banking finance company (NBFC). The company is a leader in organised financing of pre-owned commercial vehicles and two-wheelers. It has a vertically integrated business model and finances several products, including passenger commercial vehicles, MSMEs loans to micro and small and medium enterprises, tractors, gold, personal loans and working capital loans, etc.

The company's standalone net profit increased by 38.33% to Rs. 1,066.87 crore on a 22.85% rise in net interest income to Rs 2,693.96 crore in Q2 FY23 over Q2 FY22.

Shares of Shriram Finance declined 0.92% to Rs 1,365.85 on the BSE.

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