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Shriram Transport Finance raises 18.3B rupees in debt issue

Shriram Transport Finance Co. Ltd. raised 18.30 billion Indian rupees through the issuance of nonconvertible debentures in four tranches.

The debentures were issued on a private placement basis, according to a March 22 release.

The company issued 10,000 debentures with a 727-day maturity and a coupon rate of 0.10% over the three-month State Bank of India marginal cost of funds-based lending rate. It also issued 5,000 debentures priced with an annual coupon of 8.00% that will mature in 726 days.

In addition, the company issued 2,300 five-year debentures priced with an annual coupon of 8.27% and 1,000 zero-coupon debentures that will mature in 1,111 days.

As of March 22, US$1 was equivalent to 65.15 Indian rupees.