Shriram Transport Finance to raise Rs 500 cr via QIP

09 Jun 2021 CW Team

Shriram Transport Finance Co (STFC) has approved a qualified institutional placement (QIP) offering and a capital infusion from its promoter enterprise Shriram Capital Ltd to raise funds.

The company informed the stock exchanges that Shriram Capital would invest Rs 500 crore in the company through a preferential allotment of equity shares and warrants.

According to a source familiar with the company's fundraising plans, the vehicle financier hopes to raise as much as Rs 2,000 crore through the QIP offering.

As shown in a SEBI formula, the company has set a minimum price of Rs 1,433.32 per QIP. Companies are allowed to offer investors a discount of up to 5% on the floor price under the QIP mechanism.

The issue price for the shares and warrants that Shriram Capital will subscribe to has been set at Rs 1,440 per share. Shriram Finance's stock closed at Rs 1,490.1 per share, up 4.64% on the Bombay stock exchange.

The lender stated in an offer document filed with the stock exchanges that the Net Proceeds will be used to supplement their long-term resources for -- meeting funding requirements of their business activities, financing future growth opportunities, and general corporate purposes, subject to compliance with applicable laws and regulations.

ICICI Securities, JP Morgan, and Axis Capital are among the investment banks advising the company on the QIP offering.

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Also read: Shriram Housing Finance to get Rs 500 cr capital infusion

Also read: Dubai’s Mark AB Capital to acquire 26% stake of Shriram EPC

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