Shriram Finance declared an interim dividend of ₹ 15 per equity share for the financial year 2022-23 on 24 December 2022. The board also approves the raising of funds.
Shriram Finance Declared an Interim Dividend
Shriram Transport Finance Company and Shriram City Union Finance have recently merged to form Shriram Finance Limited, a large retail non-banking financial company (NBFC) in India. SHRIRAMFIN informed exchanges on December 24, 2022, that the board of directors of the company made several decisions. The board declared an interim dividend of 150% (equivalent to ₹15 per equity share of face value 10 INR each) for the financial year 2022-23. The dividend will be paid to eligible shareholders on or after January 18, 2023, after the record date of Wednesday, January 4, 2023.
Fund Raising Plans of 35000 Crores
The board of Shriram Finance Limited also reviewed and approved higher amounts for resource mobilization, including the issuance of redeemable non-convertible debentures(NCD)/subordinated debentures and bonds, in tranches or any other methods of borrowing in onshore/offshore market for the purpose of the business of the company to fund the increased credit demand consequent upon the merger of former Shriram City Union Finance Limited into the company and approved the issuance of these securities up to 35,000 crores INR on a private placement basis.
Shareholder Approval for the Appointment on Board
Along with Shriram Finance declaring an interim dividend the company additionally, approved a postal ballot notice seeking shareholder approval for the appointment of new independent directors, the appointment of a new managing director and CEO, the re-designation of the vice chairman and managing director as executive vice chairman, the payment/revision of remuneration to whole-time directors, the issuance of non-convertible debentures on a private placement basis, and the creation of security in connection with borrowings made by the board for the purpose of the company’s business.