Shriram City Union Finance to raise $1 billion in dollar bond sale through GMTN programme

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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.

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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.

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Krishna Mali
Krishna Mali
Founder & Editor of TechGraph

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