Shriram Transport Finance's board OKs issuance of notes, debentures

Shriram Transport Finance Co. Ltd.'s board approved a plan to raise funds through the issuance of secured notes under its $3.00 billion global medium-term note program.

The decision was made during a Jan. 28 meeting, according to a same-date filing.

The company's board also approved a resource mobilization plan for the sale and issuance in tranches of redeemable nonconvertible or subordinated debentures in the two months to April 30.

In line with the resolution, the directors set a new 350.00 billion rupee cap on the company's issuance of nonconvertible debentures, subject to shareholders' approval.

As of Jan. 28, US$1 was equivalent to 72.94 Indian rupees.