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Shriram Transport Fin plans up to 6 bln rupee bond sale - sources

Source : REUTERS
Last Updated: Wed, Jul 11, 2012 11:42 hrs
A PHOTOGRAPHER IN BOMBAY TAKES PICTURES OF TRUCKS HEADED FOR IRAQ.

Shriram Transport Finance plans to raise up to 6 billion rupees ($108.33 million) through a public issue of bonds, two sources with direct knowledge of the deal said on Wednesday, in what could be the first retail bond sale in the current fiscal.

The non-banking financial institution will issue interest-bearing bonds with 36- and 60-month tenures and non-interest bearing bonds, which will be redeemable at a premium in the same tenures, said the sources.

The bond sale is likely to be launched on July 26, the sources said, adding that the base size of the deal is 3 billion rupees.

The issue is rated AA+ by CARE and AA by Crisil.

JM Financial Institutional Securities, AK Capital Services, ICICI Securities and Kotak Mahindra Capital Company are the lead managers to the issue.

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