Sundaram Finance to raise Rs 6,000 crore via debentures

Sundaram Finance today said it plans to raise Rs 6,000 crore on private placement basis by issuing debentures.
The proposal is slated to come up at the board meeting of the company on May 30.
"Sundaram Finance...Proposes to consider the subject of raising funds through issue of new non-convertible debt securities up to an amount of Rs 6,000 crore in one or more tranches, on private placement basis," it said in a regulatory filing.
Details about usage of the proceeds were not provided by the company.
Promoted by Madras Motor Insurance Company, a part of the TVS Group, Sundaram Finance is a leading financier in transport sector.

It offers commercial vehicle finance, car finance, tractor finance, construction equipment finance, tyre finance, and fleet cards.
Besides, through its subsidiaries Sundaram Finance has also presence in general insurance, mutual funds, housing finance, business process outsourcing, Information Technology services and retail distribution.
Sundaram Finance stock today closed 2.32 per cent higher at Rs 1,344.75 apiece on BSE.