MUMBAI:
NBFC major Shriram City Union Finance Limited has announced the issue of Secured Redeemable Non-Convertible Debentures (NCDs). The issue, which offers an effective yield (interest rate) of up to 9.85% per annum will be open from August 21 to September 19, with an option of early closure or extension.
The NCDs carry a face value of Rs. 1,000 each, and the minimum investment amount is Rs. 10,000. The investment tenors comprise two, three and five years, with annual and cumulative options for two years and monthly, annual and cumulative options for three and five years.
The NCDs have been rated ‘CARE AA+ (Stable) by CARE and ‘CRISIL AA (Stable)’ by CRISIL. The Base Issue size is Rs. 100 Crore, with an option to retain oversubscription to the extent of Rs. 900 Crore. The NCDs are proposed to be listed on BSE. Shriram City Union Finance Ltd. is a thirty-three year old deposit-taking NBFC with multiple product offerings, including small enterprise/ MSME financing, loans against gold, financing for two-wheelers, auto loans, personal loans, and housing finance loans.
