Shriram Transport's Rs 300 crore NCD gets oversubscribed by 2.23 times; all details here
Shriram Transport received bids worth Rs 661 crore in overall subscription as per data available on the electronic platform of BSE and NSE Ltd.
The Shriram Transport Finance Company Ltd (STFC), which is the largest asset financing NBFC, saw optimistic response to its Rs 300 crore NCD issue from retail investors. The offer was oversubscribed 2.23 times on its closing day.
Umesh Revankar, MD & CEO, STFC said, “The retail and HNI category had 80 percent of the issue. We are very delighted and thankful to our investors for their unwavering support and continued trust in us. The NCDs help the company to have long term funds and diversify the borrowings as well.”
The company received bids worth Rs 661 crore in overall subscription as per data available on the electronic platform of BSE and NSE Ltd.
Retail investors applied enthusiastically with their portion getting oversubscribed by 4.67 times shows an extremely confident investor base of Shriram. Also, the HNI category registered good subscription.
Funds raised through this issue will be used for onward lending, and for repayment/ prepayment of interest and principal of existing borrowings of the Company and for general corporate purposes.
The issue was rated ‘CRISIL AA+/Stable’ by CRISIL and ‘IND AA+: Outlook Stable’ by India Ratings and Research. These ratings indicate high degree of safety regarding timely servicing of financial obligations and carry very low credit risk.
NCDs are generally proposed to be listed on BSE Limited and NSE Limited.
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