Shriram Transport is planning to raise funds

The NBFC will raise funds by issuing debt securities in onshore/offshore market by public issue and/or private placement basis and commercial papers.

"Based on the market conditions, banking and finance committee/debt issuance committee/bond issuance committee will consider and approve such issuances of debt securities during the month ending 31 July 2020 subject to such terms and conditions including the issue price of debt securities, as the respective committees may deem fit," the company said after market hours on Friday (3 July).

Separately, the NBFC announced that its board will meet on Monday (6 July) to consider the terms of the proposed rights issue, including the rights entitlement ratio, issue price and record date.

Last month, the company's board had approved raising upto Rs 1,500 crore through rights issue of equity shares.

The company reported 70.1% slump in consolidated net profit to Rs 223.38 crore on 7.5% increase in total income to Rs 4,173.04 crore in Q4 March 2020 over Q4 March 2019.

Shriram Transport Finance Company, the flagship company of the Shriram group, has significant presence in consumer finance, life insurance, general insurance, stock broking and distribution businesses.

Shares of the NBFC shed 0.29% to Rs 695.85 on BSE on Friday.

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