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Shriram City Union NCD issue 2013 offers 11.5%

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Shriram City Union Finance NCD issue opens on Nov 25

 

NBFC Shriram City Union Finance proposes to open its public issue of non-convertible debentures (NCDs) of Rs 100 crore (with an option to retain oversubscription to the extent of another Rs 100 crore) on November 25.

 

Options of investment tenors are three, four and five years, with coupons of 11 percent p.a., 11.25 percent p.a. and 11.50 percent p.a. respectively for individual investors. Interest payment options comprise both annual and cumulative, with the latter providing effective yields of 12.27 percent p.a., 13.30 percent p.a. and 14.46 percent p.a. over three, four and five years respectively. Also on offer is a five-year structured NCD carrying a coupon of 11.50 percent p.a. with an annual interest payout.

 

Of the issue size, 80 percent of the issue is reserved for individuals; 40 percent being earmarked for retail investors (those investing in less than Rs. 5 Lacs) and 40 percent for high networth individuals (HNIs).

 

The NCDs are proposed to be listed on BSE and NSE, and hence may be traded.

RETAIL financing NBFC Shriram City Union Finance's Rs 200 crore nonconvertible debenture (NCD) issue is opening on November 25. The funds will be utilised for onward lending purposes.

The public issue aggregating to Rs 100 crore has an option to retain oversubscription of another Rs 100 crore.

Options of investment tenures are three, four and five years, with coupons of 11 per cent, 11.25 per cent and 11.50 per cent, respectively, for individual investors. Interest payment options comprise both annual and cumulative and the latter provides effective yields of 12.27 per cent, 13.30 per cent and 14.46 per cent over three, four and five years, respectively.

A five-year structured NCD carrying a coupon of 11.50 per cent with an annual interest payout is also offered.

Of the total issue size, 80 per cent is reserved for individuals, of which, 40 per cent is for retail investors investing less than Rs 5 lakh and 40 per cent for high net worth individuals.

The NCDs will be listed on BSE and NSE.

Shriram City Union Finance had earlier issued NCDs in 2011 and 2012.

"Shriram City's NCD issues in the years 2011 and 2012 performed exceedingly well. The proceeds of the current issue will be utilised for onward lending, with particular emphasis

on the MSME segment," Subhasri Sriram, executive director and CFO, Shriram City Union Finance.

A deposit-accepting NBFC, Sriram City Union Finance is a prominent player in the small loan segment of Rs 1 lakh to Rs 10 lakh. It also provides loans against gold, financing for two wheelers, preowned and new vehicle loans, personal loans and housing loans.

Shriram City has a presence in 1,021 branches and as of September 30 had an asset under management of Rs 15,118 crore.

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