By Marisa Wong
Morgantown, W.Va., July 15 – India’s Shriram Transport Finance Co. Ltd. priced Rs. 7 billion of 8.61% partly paid secured redeemable non-convertible debentures, according to a notice.
The three-year debentures will be sold on a private placement basis. The initial subscription amount will be 50% of the face value of the debentures, or Rs. 500,000 each, for a total of Rs. 3.5 billion.
The debentures are putable. If the put option is not exercised, the coupon will step up to 9% after the first year.
Shriram is a commercial vehicle financing company based in Mumbai.
| Issuer: | Shriram Transport Finance Co. Ltd.
|
| Issue: | Partly paid secured redeemable non-convertible debentures
|
| Amount: | Rs. 7 billion
|
| Maturity: | Three years
|
| Coupon: | 8.61%; steps up to 9% after one year if the put option is not exercised
|
| Pricing date: | July 15
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