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Shriram Transport Finance raises 5B rupees in debt issue

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Shriram Transport Finance raises 5B rupees in debt issue

Shriram Transport Finance Co. Ltd. raised 5 billion Indian rupees through the issuance of nonconvertible debentures on a private placement basis.

The notes mature 451 days from March 6, according to a same-day release.

They carry a coupon of 8.00% for the first quarter, at which point it will reset to 1.97% above the central bank's benchmark repurchase rate. This will be fixed for a quarter before being reset quarterly.

As of March 6, US$1 was equivalent to 64.88 Indian rupees.