The company board has fixed a floor price of Rs 1,433.32 per share for the qualified institutional placement (QIP) offering.
The company's board authorised opening the QIP issue on 7 June 2021. The floor price of QIP issue is set at Rs 1433.32 per equity share.Further, the board also approved raising funds by issuing equity shares and warrants to Shriram Capital, promoter of the company, on a preferential basis.
The company proposed to issue up to 17,36,100 equity shares at a price of Rs 1,440 per equity share, for an aggregate consideration of up to Rs 249,99,84,000. The board proposed to issue up to 17,36,100 warrants at Rs 1,440 each aggregating to Rs 2,499,984,000.
Each warrant is convertible into 1 equity share and the conversion can be exercised at any time within a period of 18 months from the date of allotment, in one or more tranches, as the case may be and on such other terms and conditions as applicable.
25% of the price of the warrant would be payable at the time of application and the balance would be payable at the time of conversion of the warrants into equity shares.
On a consolidated basis, Shriram Transport Finance Company's net profit soared 238% to Rs 754.93 crore on 7.8% increase in total income to Rs 4,497.87 crore in Q4 FY21 over Q4 FY20.
Shriram Transport Finance Company, the flagship company of the Shriram group, has significant presence in consumer finance, life insurance, general insurance, stock broking and distribution businesses.
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Shares of Shriram Transport Finance Company rose 0.06% to Rs 1,491 on BSE. The stock hit an intraday low of Rs 1,471.60 and an intraday high of Rs 1,528.25 so far.
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