Comments
Shriram City Union Finance expects to raise Rs 750 crore non-convertible debentures (NCD) with a green-shoe option of Rs 375 crore. The company has filed a draft prospectus with the NSE and BSE. The NCD issue of face value of Rs 1,000 each aggregating up to Rs 375 crore with an option to retain over-subscription up to Rs 375 crore for issuance of additional NCDs aggregating to a total of up to Rs 750 crore.
According to a press release, the funds raised through this issue, after meeting issue expenses, will be used for Shriram City's various financing activities including lending and investments. The funds would also be used to repay the company's existing loans and for its business operations including for the capital expenditure and working capital requirements.
The NCDs are proposed to be listed on the NSE and the BSE. The NCDs proposed to be issued have been rated as CARE AA by the rating agency CARE for an amount of up to Rs 750 crore. Crisil has given CRISIL AA-/ stable for an amount of up to Rs 750 crore.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.