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Shriram Transport Finance to raise 16.5B rupees via debentures, notes

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Shriram Transport Finance to raise 16.5B rupees via debentures, notes

Shriram Transport Finance Co. Ltd. plans to raise a total of 16.5 billion Indian rupees via issuances of nonconvertible debentures and fixed-rated notes.

The company raised 10 billion rupees via an offering of 448-day NCDs on a private placement basis.

The NCDs were priced with an interest rate of 8.10% for the first quarter. Thereafter, the interest rate will be the higher of the spread, subject to a floor of 8.10%, over the Reserve Bank of India's repurchase rate, or 1.75% over the repurchase rate.

The company also plans to issue 6.50 billion rupees of fixed-rated notes on March 8.

The notes were priced with a coupon of 8.10% per year and have a tenure of five years and three months. They will be issued under the company's medium-term note program.

The notes will be listed on the Singapore Exchange Securities Trading Ltd.

As of March 1, US$1 was equivalent to 65.29 Indian rupees.