Shriram Transport raises $ 500 million via social bonds

Shriram Transport Finance Company (STFC) announced that it has managed to raise $500 million out of $ 3 billion raising plans, which was earlier approved by its board. The company completed the allotment through senior secured notes.

In a stock exchange filing, the company said that they have completed the issuance and allotment of 5.1 per cent senior secured notes or popularly known as social bonds, of $500 million out of $ 3 billion under the Global Medium Term Note (GMTN) programme, established on December 27, 2019 through relevant common depository.

Shriram Transport Finance Company, a flagship company of Shriram Group, received help in raising the amount from banks such as Barclays, Deutsche Bank, JP Morgan and Standard Chartered Bank.

At the time of market closing, the stock of STFC was trading at Rs 1,086.45, down by 1.13 per cent, against its previous close of Rs 1,098.85. However, the market on Friday opened at Rs 1,108.00. Its 52-week high is recorded at Rs 1,296.75 and 52-week low is Rs 909.25 on the BSE.