Shriram Transport Finance to raise Rs 25k cr, buy back bonds

Shriram Transport Finance Company today said it will raise up to Rs 25,000 crore and buy back bonds worth Rs 500 crore.
Both the decisions were taken at the annual general meeting of the company held today.
The board of directors at its meeting has "approved issuance of redeemable non-convertible debentures on private placement basis up to Rs 25,000 crore in the annual general meeting held today", it said in a BSE filing.
Shriram Transport Finance Company (STFC) said the decision is an outcome of a special resolution passed by shareholders.
Besides, the board has also authorised the Banking & Finance Committee to buy back redeemable non-convertible debentures up to Rs 500 crore from time to time.

Further, the company said a special resolution was passed for enhancement of limit up to Rs 93,750 crore for creation of security on assets in respect of borrowings of the company.
The stock of STFC closed 3.61 per cent higher at Rs 1,255.55 on BSE.