By Wendy Van Sickle
Columbus, Ohio, March 22 – Shriram Transport Finance Co. Ltd. informed the Bombay Stock Exchange that its allotment committee met on Tuesday and approved and allotted Rs. 18.3 billion of nonconvertible debentures on a private placement basis in four options.
In option I, Shriram issued Rs. 10 billion of 727-day floating rate debentures with a coupon equal to the three-month State Bank of India MCLR plus 10 basis points, subject to a floor of 7.95%. These debentures do not have a call option.
In option II, Shriram issued Rs. 5 billion of 726-day debentures with an initial coupon of 8%. The interest rate will reset to the 14-day average overnight MIBOR starting seven business days prior to the interest reset date plus 175 basis points, subject to a floor of 8%. These debentures have a call option.
In option III, Shriram issued Rs. 2.3 billion of five-year 8.72% debentures. These debentures do not have a call option.
In option IV, Shriram issued Rs. 1 billion of 1,111-day 0% debentures. These debentures do not have a call option.
The Mumbai-based company provides financing for commercial vehicles.
| Issuer: | Shriram Transport Finance Co. Ltd.
|
| Issue: | Nonconvertible debentures
|
| Amount: | Rs. 18.3 billion
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| Allotment date: | March 22
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| Option I
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| Amount: | Rs. 10 billion
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| Coupon: | Three-month State Bank of India MCLR plus 10 bps, floor of 7.95%
|
| Tenor: | 727 days
|
| Call option: | No
|
|
|
| Option II
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| Amount: | Rs. 5 billion
|
| Coupon: | 8%, then resets to 14-day average overnight MIBOR plus 175 bps, floor of 8%
|
| Tenor: | 726 days
|
| Call option: | Yes
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| Option III
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| Amount: | Rs. 2.3 billion
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| Coupon: | 8.72%
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| Tenor: | Five years
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| Call option: | No
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|
|
| Option IV
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| Amount: | Rs. 1 billion
|
| Coupon: | 0%
|
| Tenor: | 1,111 days
|
| Call option: | No
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