Shriram Transport Finance Company has received an approval to raise Rs 5 crore by issuing 50 Secured Redeemable Non-convertible debentures (NCDs) of face value of Rs 10 lakh each, with a coupon rate of 7.95% p.a. on private placement basis. The NCDs will have tenure of 3 years from date of allotment. The decision in this regard was taken by the Allotment Committee – NCDs of the company in its meeting held on May 29, 2016.
Shriram Transport Finance is a flagship company of the Chennai-based Shriram group and is classified as deposit taking Asset Financing NBFC. The company was with an objective to provide hire purchase and lease finance for the medium and heavy commercial vehicles to individual truck operators.