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Shriram Transport Finance Company has said that it will raise ₹500 crore through an issue of non-convertible debentures. The issue opens on Wednesday.
The instrument has three tenure options — three, five and seven years — and the interest rate varies according to the tenor. Interest rates will range from 11 per cent for three-year tenure to 11.5 per cent for seven-year tenure.
Senior citizens will get 0.25 per cent extra on their investments, the company said. This means that the company will pay interest on NCDs which is higher than its average cost of funds at about 10.5 per cent.
The minimum investment amount is ₹10,000.
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