Shriram Fin raises $1.28 bn in record offshore loan

The loan adds to this year's rush of offshore debt sales by Indian shadow lenders after RBI tightened rules

- Bloomberg

Shriram Finance Ltd has borrowed $1.28 billion in a multi-currency social loan, notching the biggest ever offshore facility by an Indian shadow lender.

The non-bank financial company's deal is split across the dollar, euro and dirham, Shriram said in a press release Wednesday.

The tenors in the multi-tranche deal range from three to five years, people familiar with the matter said, asking not to be identified.

The loan adds to this year's rush of offshore debt sales by Indian shadow lenders after the nation's central bank tightened rules in November 2023 that made it increasingly difficult for the sector to obtain local currency bank loans.