SHRIRAM FINANCE IS SET TO RAISE ₹10,550 CRORE OVERSEAS
News: Shriram Finance is set to raise ₹10,550 crore overseas through a multi-tranche, multi-currency loan, marking the largest ECB deal for a non-bank lender. The loan has 3-5 year maturities, with issuance in multiple currencies. The ₹7,470 crore three-year tranche, priced at 200 basis points above the SOFR (4.76%), thus carries an interest rate of 6.76%.
Views: Strategy to diversify liabilities mix amid caution by domestic banks is underway. Further, borrowings will aid business growth at competitive cost thus supporting margins.
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