STFC rises 2% as NBFC considers fund raising via private placement; ends lower

NEW DELHI: Shares of Shriram Transport Finance Company ( STFC) gained over 2 per cent in Friday's early trade to eventually end the day in red after the company said it was considering raising of funds through various options of borrowings including by way of issue of securities in onshore/offshore market on private placement basis.

Following the announcement, the stock slid 0.14 per cent to end the day at Rs 1,327.20 on BSE.

In a filing to BSE, the company said that based on the market conditions, a meeting of the company's banking and finance committee or the debt issuance committee will be held during the ongoing calendar year to consider and approve the terms and conditions of such borrowings.

The company had on Thursday informed the stock exchanges that it has approved and allotted 700 secured redeemable rated listed non-convertible debentures of face value of Rs 10,00,000 each, aggregating to Rs 70 crore on private placement basis.