Shriram Transport seeks shareholders nod to raise funds

Shriram Transport Finance Company on Monday, 20 April 2020, said it will seek shareholders approval to raise upto Rs 35,000 crore.

Shriram Transport Finance Company said its board approved issuing redeemable non-convertible debentures/subordinated debentures on private placement basis for purpose of business of the company.

The company has sought shareholders' approval for the renewal of limits to issue debentures on private placement basis by the board upto Rs 35,000 crore for the purpose of the business of the company. The announcement was made after market hours yesterday, 20 April 2020.

The NBFC's consolidated net profit soared 38.15% to Rs 882.19 crore on a 7.39% increase in net sales to Rs 4,286.04 crore in Q3 December 2019 over Q3 December 2018.

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 Shriram Transport Finance Company slumped 14.57% to Rs 585.50 on BSE. The stock surged 86.55% to a high of Rs 820.80 on 20 April 2020, from its 52-week low of Rs 440 on 23 March 2020.

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