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Shriram Transport Finance Company (STFC) Ltd has given an initial price guidance of about 4.45 per cent for its ‘Senior Secured Social Bond’ of ‘US Dollar benchmark size’ of 3.5 years tenor.
The aforementioned ‘US Dollar benchmark size’is under STFC’s existing Global Medium Term Note (GMTN) programme of $3.50 billion. A benchmark size fund raising is usually for $500 million or $1 billion.
The proceeds from the social bonds will be utilised in accordance with STFC’s Social Finance Framework and as may be permitted by the Reserve Bank of India’s External Commercial Borrowing guidelines, STFC said in a regulatory filing on Monday.
The GMTN programme is for issuance of bonds/notes in international markets by way of public/private issue, subject to market conditions, STFC had said in a regulatory filing on January 5.
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