Non-banking finance company, Shriram Transport Finance, is planning to borrow up to Rs 3,000 crore through non-convertible debentures (NCDs). Further, the company has filed a draft offer document for the public issue of 3 crore secured redeemable NCDs of face value of Rs 1,000 each.
The proceeds of the issue will be used for financing activities such as lending and investments, for repaying loans and for business operations, including capital expenditure and working capital requirements.
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
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