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In a first-of-its kind public offering, Shriram Transport Finance has reserved 80 per cent of its ~300-crore non-convertible debenture (NCD) issue for individual investors. The NCDs have coupon rates of 11.15 per cent for three years and 11.4 per cent for five years.
The issue opens on July 26 and closes on August 10. The non-banking financial company has the option to retain ~300 crore of oversubscription.
"To diversify the investor base, the company has decided to target the retail segment with higher allotment and coupon rates, compared to other categories," said a merchant banker.
Once sold in the secondary market, the coupon rates would be reduced by 90 basis points. The NCDs would be listed on the National Stock Exchange and the Bombay Stock Exchange.
"With medium tenors and attractive coupon rates in a falling interest rate scenario, it should not be difficult to garner good response," the official added.
In 2011-12, Shriram Transport Finance had raised ~1,000 crore through this route. This financial year, though it had planned to raise that amount in the first tranche, considering the current investment slowdown, the issue size was trimmed to ~600 crore, with a focus on retail participation.
Investors would have to apply for at least ~10,000, or 10 NCDs, and in multiples of ~1,000, or one NCD, thereafter. The company has reserved 40 per cent of the issue for individuals investing more than ~5 lakh and 40 per cent for retail investment of up to ~5 lakh.
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