Shriram Transport raises 400 Dollar mn from global bond markets

The company engaged around 50 investors during an extensive deal roadshow across Singapore, Hong Kong and London. Backed by the strong investor feedback, the transaction was launched with an initial price guidance of 6 per cent area. Following a strong book build supported by high quality real money investors, the Company was able to tighten pricing by 30bps to 5.70 pc.

The final order book was in excess of $1 bn with oversubscription of >2.5x. The transaction witnessed 67 per cent participation from Asia and 33 pc from EMEA with 81 pc investment from asset managers, 13 pc from banks and 6 pc from private banks and others. Deutsche Bank, HSBC, ING and Standard Chartered Bank acted as Joint Global Coordinators along with Barclays, Citi, Emirates NBD Capital and JP Morgan acting as Joint Lead Managers.

Umesh Revankar, MD-CEO, STFC, while describing the landmark issuance, said “This transaction would help us further diversify our sources of funding.”