Shriram Transport to raise additional Rs 5k cr in FY23

Shriram Transport Finance Company (STFC) plans to raise an additional Rs 50 billion in the second half of the financial year to fund growth opportunities. The non-banking finance company (NBFC) has already raised Rs 50 billion in the first half of this year and the additional funds raised would be separate from its existing refinancing plans amounting to Rs 500 billion, Umesh Revankar, Managing Director of STFC. Most of the fund-raising is likely to be via non-convertible debentures with a maturity of three years. The commercial vehicle financier had in December announced a merger with promoter Shriram Capital and diversified finance company Shriram City Union Finance, which is expected to be completed by the end of October, one month ahead of schedule, said Revankar. Also read: Shriram Housing Finance AUM grows 45% to cross Rs 5,000 croreShriram Group to add 2,500 new employees in next 18-24 months