look news india
Shriram Finance Shares: Shares of Shriram Finance rose more than 8 percent during afternoon trade on Monday, June 3. The company has raised about Rs 3,880 crore ($425 million) in the name of social loans. They got these loans in several currencies and were deposited through syndicated term loans. The company said that it will use this amount to expand its business. After this, there was a bumper rise in its shares. Shriram Finance said in a notice to the stock markets that the $ 425 million fund also includes loans worth 40 million euros raised through syndicated term loan transactions.
Shriram Finance also said that the deal has also attracted some new lenders, who are investing in an Indian company for the first time. This is also the largest syndicated multi-currency transaction raised by a private sector NBFC,” said Umesh Ravankar, executive vice-president, Shriram Finance.
The company also clarified that it intends to use the funds raised to empower small entrepreneurs and vulnerable groups across the country, furthering its goal of extending financial services access to the unbanked and underserved regions.
At the end of trading, Shriram Finance shares on NSE were trading at Rs 2,517 with a gain of 6.92 per cent. Since the beginning of this year, the company's shares have gained about 22.85 per cent. While in the last one year, its share price has increased by about 80 per cent.
