Shriram Finance added 1.16% after the NBFC announced that its allotment committee-NCDs approved and allotted non-convertible debentures (NCDs) under two options, on private placement basis.
Under option 1, the company allotted 100 senior, secured, rated, listed, redeemable, taxable NCDs having face value of Rs 10 lakh each for an issue size of Rs 10 crore plus greenshoe option of Rs 25 crore. The debentures have a coupon rate of 8.5% p.a and will mature on 18 October, 2032.Under option 2, the NBFC allotted 12,500 senior, secured, rated, listed, redeemable, taxable NCDs having face value of Rs 1 lakh each for an issue size of Rs 125 crore plus greenshoe option of Rs 125 crore. The debentures have a coupon rate of 8.75% p.a and will mature on 15 June, 2026.
The proceeds of issue will be utilized for onward lending to grow the asset book, financing vehicles such as commercial vehicles, two-wheelers vehicles, cars, home loans, gold loans, personal and small business loans, refinancing of existing debt, other general purposes of the company.
Shriram Finance is primarily engaged in the business of financing commercial vehicles. It also provides loans for equipment and other business purposes. It also accepts deposits from the public.
The company's consolidated net profit surged 162.2% to Rs 1,798.88 crore on 61.6% jump in total income to Rs 7,809.39 crore in Q3 FY23 over Q3 FY22.
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