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Shriram Transport Finance extends gain on reports of merger

SI Reporter/Mumbai 10 Jul 18 | 02:10 PM

Shares of Shriram Transport Finance Company were up by 7% at Rs 1,218 per share, extending their 3% gain on the BSE on Monday, after the company said that it continuously evaluates various opportunities for enhancing shareholders’ value.

The company made a clarification on the Business Standard new report on Shriram group may merge two firms.

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Shriram group, the Rs 1,000-billion financial conglomerate, may consider merging two of its listed non-banking finance companies — Shriram Transport Finance Company (STFC) and Shriram City Union Finance (SCUF) — to pave the way for listing Shriram Capital, the holding company of the group’s financial businesses, Business Standard reported. CLICK HERE TO READ FULL REPORT

As and when such proposals are considered by the board of directors warranting disclosures, the company shall comply with disclosures obligations under the SEBI regulations, 2015, it added.

On Wednesday, July 4, Shriram Transport Finance had tanked 12% in single day from Rs 1,298 to Rs 1,145 on concerns of a possible default in payment of interest on its non-convertible debentures (NCDs).

The NCDs fall due for maturity after a year from now in June’2019. SVL Limited, its Promoters / Promoter Group, and its associates, have enough resources to honour the payment of this loan whenever due and payable has reassured the same, STFC said in a regulatory filing.

The Promoters of STFC are also addressing the above with SVL Group to get the settlement of the dues on or before the due date, failing which, the Promoters / Promoter Group of our Company will address through alternate mechanisms to settle the dues, it added.

At 02:01 PM; Shriram Transport Finance Company was up 6% at Rs 1,207 on the BSE. Shriram City Union Finance was trading 3% higher at Rs 1,971, after surging 5% to Rs 2,016 on the BSE in intra-day trade. On comparison, the S&P BSE Sensex was up 0.78% at 36,214 points.

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