Home / Companies / News /  Shriram Transport Finance raises 2,000 via QIP

Auto finance company Shriram Transport Finance has raised close to 2,000 crore through its latest qualified institutions placement (QIP) issue. The issue opened on June 7 and closed on June 11, the company stated.

"Securities Issuance Committee at its meeting held today i.e. June 12, 2021, has... approved the allotment of 13,986,000 Equity Shares of face value Rs.10 each to eligible qualified institutional buyers at the issue price of 1,430 per equity share (including a premium of 1,420 per equity share) at a discount of 3.32 per equity share, i.e. 0.23 per cent of the floor price of 1,433.32 per equity share, aggregating to 1999,99,80,000, pursuant to the Issue," it said in a regulatory filing on Saturday.

The auto financer said that pursuant to the allotment of equity shares in the issue, its paid-up equity share capital stands increased from 253.06 crore to 267.05 crore, comprising more than 26.70 crore equity shares of face value of 10 each.

Shriram Transport Finance said that the the list of allottees who have been allotted more than 5 per cent of the equity shares offered in the QIP issue will be filed soon.

The company said that June 30, Wednesday, has been approved as the cut-off date for determining the eligibility of the members who can vote by remote e-voting at its upcoming extraordinary general meeting (EGM). The Securities Issuance Committee of the company had approved the proposal to hold an EGM on June 7 to take shareholders' approval for preferential allotment of equity shares and warrants to promoter Shriram Capital. Shriram Transport Finance is looking to raise another 500 crore from its promoter firm.

Shriram Transport Finance shares closed on Friday at 1,475.25, up 5.10 points or 0.35 per cent.

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