Shriram Transport Finance raises Rs 980 cr through bonds

Shriram Transport Finance Company today said it has raised Rs 980 crore by issuing debt on private placement basis.
"Allotment Committee - NCDs of the company in its meeting held today approved and allotted 9800 secured redeemable rated listed non-convertible debentures (NCDs) of face value of Rs 10 lakh each, aggregating to Rs 980 crore on private placement basis," the company said in an exchange filing.
The NCDs come with two tenures -- five years and 25 months. The first will carry zero coupon rate with a put option, while the latter shall bear an interest rate of over 7.71 per cent per annum.

Stock of the company today closed 4.40 per cent down at Rs 963.70 on BSE.