Indian firm Shriram Finance is set to raise funds through U.S. dollar-denominated bonds with a maturity of three years and three months. The funds will be allocated to support social projects and activities permitted under the Reserve Bank of India’s external commercial borrowing guidelines. Although the exact amount has not been disclosed, industry insiders suggest it could range between $500 million to $1 billion. Barclays, Citigroup, HSBC, and others are the joint coordinators and bookrunners for the issue. The initial guidance for the coupon rate is around 7.00%, with settlement expected on January 22.
Shriram Finance Plans USD Bond Issue for Social Projects
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