Shriram City to raise up to Rs 300 crore by issuing bonds

Shriram City Union Finance on Tuesday said it will raise up to Rs 300 crore by issuing debt securities on a private placement basis. The banking and securities management committee of the company at its meeting held on June 14 has approved issuance of principal-protected market-linked non-convertible debentures (PP-MLD) for an amount of Rs 50 crore (base issue size) with a green shoe option up to Rs 250 crore aggregating up to 3,000 PP-MLDs amounting to Rs 300 crore, the company said in a regulatory filing.

The company said the bond issue could be in one or more tranches as fully paid-up or partially paid-up on a private placement basis.

A part of Shriram Group, Shriram City provides specialised services in retail and Micro Small and Medium Enterprise (MSME) lending.

Stock of Shriram City Union Finance closed at Rs 1,612 apiece on BSE, down by 0.69 per cent from previous close.