Chennai: Shriram City Union Finance Limited, a deposit-taking NBFC under the Shriram Group, announced that it is coming out with a public issue of secured redeemable non-convertible debentures (NCDs) of face value of Rs 1,000 each.
The tranche 1 issue aggregates to Rs 1,000 million, with an option to retain over-subscription up to Rs 6,500 million, aggregating up to a total of Rs 7,500 million. The Tranche 1 Issue opens today (5 April) and closes on 3 May, with an option of early closure or extension, a release stated.
The NCDs proposed to be issued under the Issue have been rated CARE AA+ Stable by CARE and CRISIL AA/Stable by CRISIL.
The funds raised through this Tranche 1 Issue will be utilised for company’s various financing, lending, investments, repaying its existing liabilities or loans, towards its business operations, capital expenditure, working capital requirements and general corporate purposes, after meeting the expenditures of and related to the Issue and subject to applicable statutory/regulatory requirements, the release added.