Chennai-based non-banking financial institution, Shriram City Union Finance Ltd is planning to raise $1 billion in bond sale through Global medium-term notes (GMTN) programme.
In a filing at National Stock Exchange, the company said that “The board of directors of the company has proposed to consider the establishment of US$ Global Medium Term Notes (GMTN) Programme, for raising funds by the issuance of bonds.”
“The company will issue the foreign currency debt securities (bonds) or rupee-denominated bonds overseas to foreign investors outside India, either secured or unsecured. On a public or a private placement basis and listing of the GMTN Programme and the debt securities on overseas stock exchanges,” the filing added.
The GMTN Programme is a Company’s inaugural entry/ foray into the Rule 144A (US Securities Act of 1933) international bond markets, subject to market conditions and applicable regulatory approvals.