Board of Shriram Transport Finance approves fundraising proposal

Shriram Transport Finance Company (STFC), the flagship company of Shriram Group, informed that its board of directors has approved the fundraising proposal up to Rs 35,000 crore.

In a BSE filing made on Monday after the market hours, the company said that its board of directors in their meeting held via video-conferencing has approved the issuance of redeemable, non-convertible debentures (NCDs) as well as subordinated debentures on a private placement basis.

Along with this, the board also gave a green signal to the process of e-voting of the company for seeking shareholders’ approval for renewal of limits to issue debentures on a private placement basis up to Rs 35,000 crore for the purpose of company’s business.

STFC is an asset non-banking finance company which is engaged in providing diverse financial services such as commercial vehicle finance, consumer finance, life & general insurance, stock broking, chit funds and distribution of financial products like products of life & general insurance as well as units of mutual funds.

At the time of market closing on Tuesday, the stock of STFC was trading at Rs 588.70, down by 14.10 per cent against its previous close of Rs 685.35. Its 52-week high is Rs 1,366.90 while, its 52-week low is Rs 440.00 on BSE.