Shriram City's Rs 200-crore NCD to open on April 16

Shriram City Union Finance's Rs 200 crore non-convertible debentures (NCDs) will open for subscription on April 16.

The company is aiming to garner Rs 100 crore through NCDs with an option to retain over subscription to the extent of another Rs 100 crore, aggregating to a total of Rs 200 crore.

NCDs are loan-linked securities issued by a company and cannot be converted into stocks and usually carry a higher interest rate than a convertible debenture.

The issue would open on April 16 and close on May 16, as per draft prospectus filed with Sebi.

The funds raised through the issue are to be used for financing and lending activities, to repay existing loans and meet business operations, including for capital expenditure and working capital requirements.

"Public issue by Shriram City of secured redeemable NCDs of face value of Rs 1,000 each, aggregating up to Rs 100 crore, with an option to retain over subscription up to Rs 100 crore for issuance of additional NCDs aggregating to a total of up to Rs 200 crore," the company said.

ICICI Securities and A K Capital Services are the lead managers to the proposed issue. The NCDs are proposed to be listed on the BSE.

Earlier in December, the company had garnered around Rs 154 crore against the base size of Rs 100 crore.

Shriram City Union Finance, a part of the diversified Shriram Group, has a comprehensive range of offerings comprising finance for vehicles, personal loans, small business loans and loan against gold.

EDITORIAL OF THE DAY

  • The government must only sell PSU stocks that are in demand

    The government’s move to change the methodology of selecting merchant bankers for divesting stake in various public sector undertakings would save d

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

BK Chaturvedi

Delhi and its democratic core

In the last one month, questions have been raised about ...

Kuruvilla Pandikattu SJ

Moral basis for collective living

Laudato si (Praise Be to You”) the second circular letter ...

Dharmendra Khandal

Have you spotted those wasps, yet?

Wasps are insects that ride on the monsoon winds. I ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture