Shriram City Union Finance looks to raise Rs 500 cr via debt

Non-banking finance company Shriram City Union Finance today said it will raise Rs 500 crore by issuing debt securities on private placement basis.
"The company intends to issue and allot on private placement basis 5,000 number of secured non-convertible redeemable debentures of face value of Rs 10 lakh each aggregating to Rs 500 crore," Shriram City said in a regulatory filing.
The proposal is to be considered by the Banking and Securities Management Committee of the board of directors in its meeting on December 1.
In the quarter ended September 2017, company reported a fall of 3 per cent in its net profit at Rs 198.30 crore, against Rs 204.49 crore in the same period of year ago.

Its income from operations grew by 15.2 per cent to Rs 1285 crore from Rs 1115 crore in year ago period.
Company's assets under management (AUM) were worth Rs 24,898 crore as on September 30, 2017.
Stock of the company closed 1.09 per cent down at Rs 2027.55 on BSE.