Shriram Finance raises $500mn via ECB

NBFC Shriram Finance Ltd (SFL) connected Thursday said it has raised astir USD 500 cardinal (about Rs 4,300 crore) done External Commercial Borrowing (ECB) to money concern growth.

This transaction represents the largest SACE-covered indebtedness installation raised by an NBFC successful India, reinforcing SFL's presumption arsenic a person successful offshore money raising and its quality to diversify backing sources strategically, according to a statement.

SACE is an Italian export recognition bureau controlled by the Ministry of Economy & Finance, Italy.

This 10-year-long tenor installation is backed by SACE and underlines a beardown planetary concern aimed astatine promoting the financing of Italian vehicles, some caller and used, nether the NBFC's Social Finance Framework, the institution said successful a statement.

The transaction saw information from starring planetary fiscal institutions, including HSBC, Deutsche Bank, KfW IPEX-Bank, ING Bank and J.P. Morgan, arsenic Mandated Lead Arrangers and Lenders amounting to EUR 393 cardinal and USD 100 cardinal highlighting the beardown assurance of planetary lenders successful SFL's creditworthiness, it said.

The company's collaboration with SACE reaffirms its quality to operation innovative backing solutions that align with its semipermanent concern strategy, it added.
With this caller transaction, it said, SFL has secured implicit USD 2.50 cardinal successful offshore backing successful the existent fiscal year, the highest by immoderate NBFC successful India successful structured concern and sustainable backing initiatives.

"Our relation with SACE and starring planetary banks reinforces the assurance that planetary fiscal institutions person successful SFL's imaginativeness and operational strength.

"This installation not lone enhances our quality to supply financing for Italian vehicles and instrumentality but besides strengthens our committedness to fiscal inclusion and economical development," the company's enforcement vice president Umesh Revankar said.