Shriram Finance, India’s second-largest non-bank lender, successfully raised $300 million through an international transaction model using asset-backed securities (ABS). The funds were secured at a lower interest rate than the initial guidance, driven by strong investor demand. The transaction involved securitizing part of Shriram Finance’s loan portfolio and selling it to international investors. The ABS transaction enhances the issuer’s credit rating and involves converting onshore ABS to US dollars using a foreign exchange swap.
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Bain Capital, Advent International, and CVC Capital are among the private equity funds that are competing to buy Shriram Housing Finance Ltd (SHFL), an arm of Chennai-based non-banking finance company Shriram Finance. The shortlisted bidders are currently conducting due diligence, with binding bids due in a fortnight. SHFL expects a valuation of Rs 6,500 crore for the business, while the initial offers have been in the Rs 5,000-5,500 crore range.
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Shriram Finance is set to raise $500 million through the asset-backed securities (ABS) route overseas.
Shares of Shriram Finance Ltd. traded at Rs 2030.0 on BSE at 01:19PM (IST) on Thursday, down 0.27 per cent from previous close. The stock saw a gap up opening in the morning. A total of 9,000 lakh shares changed hands on the counter. The stock’s beta value stood at 1.69.
