The Shriram Transport Finance (STFC) has said it has raised Rs 1,998.98 crore through its qualified institutional placement (QIP) issue. The issue, which was launched on June 7, 2021, received 6.3 times oversubscription, a company release said.

Several foreign institutional investors (FIIs) and domestic institutional investors (DIIs) participated in the QIP issue. It was priced at Rs 1,430 per share, representing a discount of 0.23 per cent to the SEBI floor price of Rs 1,433.32.

The company said its board also approved on June 7, 2021 a preferential issue of Rs 500 crore, equally split between equity shares and convertible warrants to the promoter, Shriram Capital Limited, at the issue price of Rs 1,440 per security.

“The QIP proceeds will augment the company’s long-term resources for funding requirements of business activities, financing future growth opportunities, and general corporate purposes,” the company’s Vice Chairman and Managing Director Umesh Revankar said in the release.