Shriram Transport Finance Company spurted 9.14% to Rs 761 after the company said it is planning to raise funds through various borrowings options.
Shriram Transport Finance Company on Thursday (30 April) said it is considering raising funds through various options of borrowings, including by issuing debt securities in onshore/offshore market by public issue and/or private placement basis and commercial papers.Based on the market conditions, banking and finance committee/debt issuance committee/bond issuance committee will consider and approve such issuances of debt securities during the month ending 31 May 2020, subject to such terms and conditions including the issue price of debt securities, as the respective committees may deem fit.
On Monday, 20 April 2020, Shriram Transport Finance Company said that its board had approved issuing redeemable non-convertible debentures/subordinated debentures on private placement basis for purpose of business of the company. It has sought shareholders' approval for the renewal of limits to issue debentures on private placement basis by the board upto Rs 35,000 crore for the purpose of the business of the company.
The NBFC's consolidated net profit soared 38.15% to Rs 882.19 crore on a 7.39% increase in net sales to Rs 4,286.04 crore in Q3 December 2019 over Q3 December 2018.
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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