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Non-banking finance company (NBFC) Shriram Finance has raised $500 million through a 3.6-year tenure social bond at a 6.15 per cent interest rate per annum, according to an exchange notice.
“This opportunistic issuance, executed under favourable market conditions, garnered an overwhelming response from global investors. As our 9th successful public USD bond issuance, following the $750 million transaction in January 2024, this reflects the strong investor confidence in our financials, strategic vision, and dedication to fostering sustainable and inclusive growth,” said Umesh Revankar, Executive Vice Chairman, Shriram Finance.
The bonds will be issued on September 30, and are proposed to be listed on the Global Securities Market at the India International Exchange (INX). Earlier this month, Revankar mentioned that the Shriram Group is planning to list its insurance arms — Shriram General Insurance and Shriram Life Insurance — within two years as these businesses scale in size.
Way forward
Separately, following the Reserve Bank of India’s nod to launch asset reconstruction business in July, the focus now would be only on buying retail bad loans from banks and peer non-bank lenders, due to its specialised skillset of collection of retail loans, Revankar said.
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