Tuesday, January 31, 2023
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HomeNewsBusinessShriram Finance to think about raising funds

Shriram Finance to think about raising funds

The NBFC stated on Wednesday, December 28, 2022, that its board will explore raising money through the issuance of non-convertible debt instruments or bonds in the month of January 2023.

In order to review and authorise the issuance and allocation of redeemable non-convertible debt instruments / bonds during the month ending 31 January 2023, a meeting of the company’s banking and finance committee, debt issuance committee, and allotment committee will be convened.

According to a filing with the exchange, Shriram Finance will contemplate raising money by issuing bonds and other redeemable non-convertible debt securities in the onshore and offshore markets via private placement, depending on the state of the market.

The proposal is subject to any terms and conditions that the aforementioned committees may impose, including the price at which debt securities or bonds are issued.

On the back of a 22.85% increase in net interest income to Rs 2,693.96 crore in Q2 FY23 over Q2 FY22, the company’s standalone net profit climbed by 38.33% to Rs 1,066.87 crore.

The largest non-banking finance company for retail asset financing in India is called Shriram Finance (NBFC). The business is a pioneer in organised finance for pre-owned trucks and motorcycles. Its vertically integrated business model allows it to finance a variety of items, such as working capital loans, tractors, gold, passenger commercial vehicles, MSMEs loans to micro and small and medium firms, and more.

On the BSE, Shriram Finance shares fell 0.92% to Rs 1,365.85.

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