MUMBAI: Commercial vehicle financier Shriram Transport Finance Co. Ltd (STFC) has joined the ranks of lenders planning to raise capital and bolster balance sheets to deal with contingencies and opportunities arising out of the covid-19 crisis with a proposed ₹2,000-crore rights issue, said two people, requesting anonymity.
For the first time in a decade, the lender will tap the equity market to raise funds. STFC had raised ₹584 crore through a qualified institutional placement (QIP) in January 2010. “STFC started work on its fundraising efforts last week.
The plan is to raise up to ₹2,000 crore. At present, they are working on a rights issue, but a QIP offering is also on the table.