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Business Economy


Shriram Transport public secures redeemable issue of NCDs to open for subscription on July 17

Shriram Transport public secures redeemable issue of NCDs to open for subscription on July 17

Mumbai, Jul 15(UNI) NBFC Major, Shriram Transport Finance Company Limited, Public issue of Secured Redeemable Non-Convertible Debentures (NCDs) of the face value of Rs 1,000 each will open for Subscription on July 17.

The company is coming out with its Tranche 1 Issue of NCDs having a base size of Rs. 300 crore with an option to retain oversubscription aggregating up to Rs. 10,000 crore which is the shelf limit.

The Tranche 1 Issue will open for subscription on Wednesday, July 17, 2019 and is scheduled to close on Friday, August 16, 2019, with an option of early closure or extension, as may be decided by the Board of Directors of the Company or the duly constituted committee thereof, being the Debt Issuance Committee- Public NCDs as mentioned in the Tranche 1 Prospectus.

The proposed NCDs under the Tranche 1 Issue have been rated ‘CARE AA+; Stable’ by CARE Ratings Limited, ‘CRISIL AA+/Stable’ by CRISIL Limited and ‘IND AA+: Outlook Stable’ by India Ratings and Research Private Limited. These ratings indicate high degree of safety regarding timely servicing of financial obligations and carrying very low credit risk.

The funds raised through the Tranche 1 Issue will be used for onward lending, financing, and for repayment/ prepayment of interest and principal of existing borrowings of the Company and for general corporate purposes.

Options of investment tenors are 30 months with annual interest payment option and 42, 60 and 84 months, with monthly, annual & cumulative interest payment options.



These NCDs, bearing a fixed rate of interest, are being offered under ten different series series I and II and III are monthly interest payment options, having tenure of 42, 60 and 84 months respectively, and the monthly Coupon shall be 9.12 pc p.a. and 9.22 pc p.a. and 9.31 pc per annum respectively.



For Series IV, V, VI and VII interest is payable annually, having tenure of 30, 42 , 60 and 84 months respectively, and the coupon shall be 9.30 pc p.a., 9.50 pc p.a., 9.60 pc p.a. and 9.70 pc p.a.

respectively.

Series VIII, IX and X are cumulative options, having tenure of 42, 60 and 84 months respectively, where face value and interest accrued are paid at the end of the tenure and will be redeemed at Rs 1374.75, Rs 1582.25 and Rs 1912.80 per NCD respectively. Effective yield for Series VIII, IX and X shall be 9.50 pc p.a., 9.60pc p.a. and 9.70 pc p.a. respectively.

Additionally, Senior Citizens (initial allottees) under Category III and Category IV are entitled to additional incentive of 0.25 pc p.a across all series. Accordingly, the amount payable on redemption to

such Senior Citizens for NCDs under Series VIII, Series IX and Series X is Rs 1,385.80, Rs 1,600.40 and Rs 1,943.55 per NCD respectively.

The NCDs are proposed to be listed on the National Stock Exchange of India Limited (NSE) and the BSE Limited (BSE) and NSE shall be Designated Stock Exchange.

JM Financial Limited, A. K. Capital Services Ltd and SMC Capitals Limited are the Lead Managers to the Issue. Catalyst Trusteeship Limited is the Debenture Trustee to the Issue, while Integrated

Registry Management Services Private Limited is the Registrar to the Issue.

UNI JS SB 1505

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