Shriram Transport Finance raises nearly Rs 2,000 crore via QIP

MUMBAI: Non-banking finance firm (STFC) on Monday stated it has raised Rs 1,998.98 crore via its certified institutional placement (QIP) difficulty. The difficulty, which was launched on June 7, 2021, acquired 6.3 occasions oversubscription, an organization launch stated.

Several overseas institutional traders (FIIs) and home institutional traders (DIIs) participated within the QIP difficulty.

It was priced at Rs 1,430 per share, representing a reduction of 0.23 per cent to the SEBI ground worth of Rs 1,433.32.

The firm stated its board additionally accepted on June 7, 2021 a preferential difficulty of Rs 500 crore, equally break up between fairness shares and convertible warrants to the promoter, Shriram Capital Limited, on the difficulty worth of Rs 1,440 per safety.

“The QIP proceeds will augment the company’s long-term resources for funding requirements of business activities, financing future growth opportunities and general corporate purposes,” the corporate’s Vice Chairman and Managing Director Umesh Revankar stated within the launch.

The ebook working lead managers (BRLMs) to the QIP included

, Citigroup Global Markets India Ltd and HSBC Securities and Capital Markets (India) Private Ltd.

In the fiscal 2020-21, the asset financing Non-banking finance firm’s revenue after tax declined 0.58 per cent to Rs 2,487.26 crore, as in opposition to Rs 2,501.84 crore in FY 2019-2020.

It manages belongings of over Rs 1,17,200 crores and has a buyer base exceeding 21 lakh.

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