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Shriram City files DRHP for Rs 750-cr NCD issue

BS Reporter  |  Mumbai 

Shriram City Union Finance, a deposit-accepting non-banking company registered with the Reserve Bank of India, has filed a draft prospectus with the National Stock Exchange of India and the Bombay Stock Exchange for a public issue of secured non-convertible debentures (NCDs).

The NCDs will have a face value of Rs 1,000 each, aggregating to Rs 375 crore, with an option to retain over-subscription up to Rs 375 crore for issue of additional NCDs, aggregating to Rs 750 crore.

After meeting issue expenses, the funds will be used for Shriram City’s various financing activities. These would also be used to repay loans and for business operations, both capital expenditure and working capital needs. The NCDs are proposed to be listed on the NSE and BSE.

The proposed NCDs have been rated CARE AA by CARE and Crisil AA-/Stable by Crisil, indicating a high degree of safety. JM Financial Consultants, A K Capital and ICICI Securities are the lead managers and Karvy Investor Services the co-lead manager.

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First Published: Tue, July 26 2011. 00:52 IST