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Home STOCKS Shriram Transportation Finance okays rights issue to promoters for Rs 1,500 crore

Shriram Transportation Finance okays rights issue to promoters for Rs 1,500 crore

New Delhi: Shriram Transport Finance Company (STFC) on Monday claimed the firm’s securities issuance committee has supplied its go-forward to rights issue of equity shares to the promoters and promoter group to increase up to Rs 1,500 crore.
The firm’s securities issuance committee in its conference on Monday accepted the rights issue of equity shares of a face value of Rs 10 every single for an volume not exceeding Rs 1,500 crore, STFC reported in a regulatory filing.
The issue has been fastened at Rs 570 for each share, such as premium of Rs 560 for every rights equity share, it explained.
The rights entitlement ratio is of a few rights equity shares for each individual 26 equity shares held by qualified shareholders, STFC explained even further.
The committee has preset July 10 (Friday) as the record date for the purpose of analyzing the equity shareholders entitled to obtain the rights entitlement in the rights issue of equity shares for an volume not exceeding Rs 1,500 crore, the firm mentioned.
“Our promoter and Shriram Financial Ventures (Chennai) Pvt Ltd, a member of our promoter team, have undertaken to totally subscribe to their rights entitlement and shall not renounce their rights, besides to the extent of any renunciation inter-se involving our promoter and other members of the promoter group,” STFC reported.
In addition to membership to their respective rights entitlement, they have also reserved the suitable to subscribe to supplemental equity shares in the rights issue, which includes for any rights entitlements renounced in their favour or in favour of any entities managed by them, it reported more.
Shriram Capital Ltd is the promoter of STFC with a stake of 26.23 per cent as of March 31, 2020. Promoter team Shriram Fiscal Ventures (Chennai) Pvt Ltd carries a stake of .02 for each cent.
STFC’s shares on Monday shut at Rs 697.50 apiece on the BSE, up .24 per cent from the prior close.

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