Shriram Transport Finance gains after terminating corporate guarantee

Shriram Transport Finance Company gained 1.19% to Rs 1,092 at 10:48 IST on BSE after the company said that it has terminated corporate guarantee of Rs 650 crore with immediate effect.

The announcement was made after market hours yesterday, 3 October 2018.

Meanwhile, the S&P BSE Sensex was down 663.95 points, or 1.85% at 35,311.68

On the BSE, 54,000 shares were traded on the counter so far as against the average daily volumes of 63,000 shares in the past two weeks. The stock had hit a high of Rs 1,124.85 and a low of Rs 1,081.60 so far during the day.

Shriram Transport Finance Company said that the corporate guarantee given by the company on 30 June 2015 in connection with Non-Convertible Debentures (NCDs) of face value aggregating to Rs 650 crore issued by the SVL has been terminated with immediate effect. Consequently, the contingent liability of the company with respect to redemption/ maturity of the NCDs stands terminated.

Shriram Transport Finance Company is one of the leading asset financing non-banking financial companies (NBFC) in India.

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