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STFC receives Rs 312.50 cr capital infusion from promoter Shriram Capital Finance

STFC receives Rs 312.50 cr capital infusion from promoter Shriram Capital Finance

As per authorisation by the securities issuance committee of the board of director of STFC, the company cleared the proposal to allot 17,36,100 equity shares at Rs 1,440 per share to Shriram Capital

STFC stock closed 1.10 per cent down at Rs 1,428.10 apiece on BSE STFC stock closed 1.10 per cent down at Rs 1,428.10 apiece on BSE

Shriram Transport Finance Company (STFC) on Thursday said it has received Rs 312.50 crore from its promoter Shriram Capital Finance in lieu of allotment of preference shares and warrants.

As per authorisation by the securities issuance committee of the board of director of STFC, the company cleared the proposal to allot 17,36,100 equity shares at Rs 1,440 per share to Shriram Capital, as well as the same amount of warrants convertible into these many equity shares at Rs 1,440 per warrant.

"The company has received subscription money of Rs 249,99,84,000 for allotment of 17,36,100 equity shares and subscription money of Rs 62,49,96,000 for allotment of 17,36,100 warrants into equity shares, being 25 per cent of the issue price of Rs 1,440 at Rs 360 per warrant, toward the warrant subscription," STFC said in the regulatory filing.

The remaining amount shall be payable as per the terms approved by members of the company in its EGM on July 7, 2021, it added.

Pursuant to allotment of equity shares, the paid-up share capital of the company stands increased to Rs 268.78 crore from Rs 267.04 crore.

STFC stock closed 1.10 per cent down at Rs 1,428.10 apiece on BSE.

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