Shriram Finance's Rs 500 cr NCD opens

Shriram Finance's Rs 500 cr NCD opens

Shriram Finance's  Rs 500 cr NCD opens

 The NCD issue, with yield on redemption of upto 11.50 per cent closes on August 14, 2009, said the company in press meet here. This Issue has been rated ‘CARE AA+’ by CARE and  ‘AA (ind)’ by Fitch, indicating stability and timely servicing of debt obligations and very low credit risk. The face value of NCD is Rs 1,000, they are tradable lot size of 1 NCD.

  Mminimum application size is Rs 10,000 and in multiples of Rs 1,000 thereafter, interest on application money at the rate of 8 per cent to be paid from the date of realization of the cheque or 3 days from the date of receipt of the application, whichever is later, upto one day prior to the deemed date of allotment. Issuance of NCDs to NRIs will not exceed an aggregate of Rs 10,000 lakhs and only on a non-repatriable basis. Speaking on the occasion, R Sridhar, Managing Director of STFC, said, “Over the decades, STFC has achieved success in reaching its objective of offering the common man with a host of products and services that would be helpful to him on his path to prosperity.

The current NCD issue will help enhance  lending capacity.” STFC intends to use the funds for various financing activities including lending and investments.

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