Shriram Transport Finance okays rights issue to promoters for Rs 1,500 cr

Shriram Transport Finance Company (STFC) on Monday said the company's securities issuance committee has given its go-ahead to rights issue of equity shares to the promoters and promoter group to raise up to Rs 1,500 crore.

The firm's securities issuance committee in its meeting on Monday approved the rights issue of equity shares of a face value of Rs 10 each for an amount not exceeding Rs 1,500 crore, STFC said in a regulatory filing.

The issue has been fixed at Rs 570 per share, including premium of Rs 560 per rights equity share, it said.

The rights entitlement ratio