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Business News/ Companies / News/  Shriram Transport fixes 570 as share price for 1,500-crore rights issue

Shriram Transport fixes ₹570 as share price for ₹1,500-crore rights issue

The rights issue share price is an 18% discount on the closing price of ₹697.5 of STFC’s scrip on BSE on Monday

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Mumbai: Commercial vehicles financier Shriram Transport Finance Co Ltd (STFC) on Monday said that it has fixed a price of 570 per share for its proposed rights issue, through which the lender plans to raise up to 1,500 crore.

The rights issue share price is an 18% discount on the closing price of 697.5 of STFC’s scrip on BSE on Monday

In a stock exchange filing, the firm said that investors holding 26 shares as on the record date of 10 July, will be eligible for three rights offering. The full amount of the issue price of 570 per rights equity share will be payable on application, it added.

The lender added that its promoter entities will be subscribing to the entire portion of rights shares they are eligible for.

“Our promoter and Shriram Financial Ventures (Chennai) Pvt. Ltd, a member of our Promoter Group have undertaken to fully subscribe to their Rights Entitlement and shall not renounce their rights, except to the extent of any renunciation inter-se between our Promoter and other members of the Promoter Group," the filing said.

In addition to subscription to their respective rights entitlement, the promoter entities have also reserved the right to subscribe to additional equity shares in the rights issue, including for any rights entitlements renounced in their favour or in favour of any entities controlled by them.

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Swaraj Singh Dhanjal
" Based in Mumbai, Swaraj Singh Dhanjal is responsible for Mint’s corporate news coverage. For the past eight years he has been writing on the biggest deals in private equity, venture capital, IPO market and corporate mergers and acquisitions. An engineer and an MBA, he started his journalism career in 2014 with Mint. "
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Published: 06 Jul 2020, 06:37 PM IST
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