Shriram Transport Fin raises Rs 175cr via offshore rupee bonds

Shriram Transport Finance Company has raised Rs 175 crore by issuing offshore rupee-denominated bonds to The Hongkong and Shanghai Banking Corporation Ltd (HSBC) Hongkong.
The bonds which are senior secured notes due for 2020 are to be payable in US dollar at a coupon rate of 8.25 per cent per annum.
The amount raised is part of the single series through which the company plans to mop up an aggregate Rs 475 crore by issuing rupee-denominated offshore bonds.
The company will list the bonds on Singapore Exchange Securities Trading Ltd.
These rupee-denominated bonds carry tenure of three years and one month.

"The notes bear interest from, and including 18 January 2017 at the rate of 8.25 per cent per annum, payable annually in equal instalments (with the exception of the last payment date)," it said in a regulatory filing.
Shares of the company closed 3.31 per cent down at Rs 911.65 on BSE.