Shriram Transport's Rs 10,000 cr NCD issue opens Wed

Non-banking finance company Shriram Transport Finance is planning to raise up to Rs 10,000 crore by issuing non-convertible debentures. The issue has a base size is Rs 300 crore with an option to retain oversubscription of up to Rs 10,000 crore, the company said in a statement Monday.

It is offering four investment options with tenors of 30, 42, 60 and 84 months, offering coupons in the range of 9.12-9.70 percent. "The funds raised will be used for onward lending, financing, and for repayment/prepayment of interest and principal of existing borrowings and for general corporate purposes," it said.

The first tranche will open for subscription on July 17 and close on August 16, with an option of early closure or extension and will be listed on the domestic bourses. JM Financial, AK Capital Services and SMC Capital are managing the issue..