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Shriram Finance declares 150% interim dividend; plans to raise Rs 35,000 crore on private placement basis

Shriram Finance declares 150% interim dividend; plans to raise Rs 35,000 crore on private placement basis

The interim dividend payout will be made to eligible shareholders on or after Wednesday, January 18, 2023, the company said.

The announcement was made after the Board of Directors held a meeting on Saturday. The announcement was made after the Board of Directors held a meeting on Saturday.

Non-banking financial company (NBFC) Shriram Finance, on Saturday, announced an interim dividend of 150%, or Rs 15 per equity share with a face value of Rs 10 each, fully paid up. The dividend has been announced for the Financial Year 2022-23.

The announcement was made after the Board of Directors held a meeting on Saturday.

In a regulatory filing, the company said: "Declared an interim dividend of 150% i.e. Rs.15/- per equity share of face value Rs.10/- each fully paid up for the Financial Year 2022-23, subject to deduction of tax at source, if any, to be paid to those members whose name appears in the Register of Members of the company as on Wednesday, January 4, 2023 being the record date, for the purpose of payment of interim dividend. The interim dividend payout will be made to eligible shareholders on or after Wednesday, January 18, 2023."

The company’s board of directors also reviewed and approved higher amount(s) for periodical resource mobilisation plan (up to January 31, 2023). This includes issuance of securities viz. redeemable nonconvertible debentures (NCDs) or subordinated debentures, bonds on private placement basis in tranches to fund the increased credit demand following the merger of Shriram City Union Finance into Shriram Finance.

Furthermore, the board also approved issuance of redeemable NCDs or subordinated debentures, bonds or any other structured or hybrid debt securities on private placement basis for purpose of business of the company upto Rs 35,000 crore. It is subject to approval of shareholders of the company, the company said.

In the meeting, the company's board approved postal ballot notice for seeking shareholders’ approval inter-alia for appointment of new independent directors, appointment of new managing director and CEO, re-designation of vice chairman and managing director as executive vice chairman.

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Published on: Dec 25, 2022, 6:56 PM IST
Posted by: Smriti Mishra, Dec 25, 2022, 6:49 PM IST