Shriram Finance stock zooms 8% on ₹3,880 Crore social loan

3 Jun 2024 , 03:10 PM

Shriram Finance’s counter jumped as much as 8% in today’s session after the lender stated that it has raised a multi-currency social loan worth $425 million (₹3,880 Crore) via a syndicated term loan deal to fund the company’s business growth.

At around 2.58 PM, Shriram Finance was trading 6.61% higher at ₹2,509.70 per piece, against the previous close of ₹2,354.05 on NSE. The counter touched an intraday high and low of ₹2,546.95, and ₹2,425.25, respectively.

According to a filing on the exchange, Shriram Finance raised $425 million and Euro 40 million in a syndicated term loan deal.

Initially intended as a $200 million social lending facility featuring a green-shoe option, the deal gathered a lot of interest in this multi-currency venture from the syndication market. Sixteen lenders from the US, Europe, Asia, and Africa made up the final lender group.

According to Shriram Finance, the deal also roped in new lenders who were making their first-ever investments in an Indian company. According to Umesh Revankar, executive vice chairman of Shriram financing, this is also the largest syndicated multi-currency transaction by a non-banking financing lender in the private sector.

The lender also stated that the funds raised will be used to empower small enterprises and disadvantaged groups across India, supporting its goal of making financial services more accessible to the unbanked and underbanked.

For feedback and suggestions, write to us at [e-mail]

For opening a demat account click on: https://www.indiainfoline.com/

For doing stock trading & investments, go to: https://ttweb.indiainfoline.com/trade/Login.aspx

For loans, go to: https://www.iifl.com/