Shriram Finance advanced 1.83% to Rs 3,341 after its board approved and allotted non-convertible debentures (NCDs) on private placement basis for an issue size of Rs 1,000 crore with green shoe option of Rs 500 crore.
The company said that the proceeds of the 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 firm.Shriram Finance is India's largest retail asset financing non-banking finance company (NBFC). It is the flagship company of the Shriram group which has significant presence in Consumer Finance, Life Insurance, General Insurance, Housing Finance, Stock Broking and Distribution businesses.
The NBFCs standalone net profit jumped 18.21% to Rs 1,980.59 crore on 20% increase in total income to Rs 9,609.71 crore in Q1 FY25 over Q1 FY24.
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