New Delhi, Oct 12 (PTI) Shriram City Union Finance (SCUF) today said it will issue bonds on a private placement basis to raise up to Rs 500 crore.

“The company intends to issue and allot on private placement basis 5,000 number of secured non-convertible redeemable debentures of face value of Rs 10 lakh each aggregating to Rs 500 crore,” SCUF said in a regulatory filing.

The proposal is to be considered by Banking and Securities Management Committee of the Board of Directors in its meeting to be held on October 17, it said.

SCUF has not specified as to how it will use the proceeds to be raised from this issue.

The SCUF stock closed 0.65 per cent down at Rs 1,982.45 on BSE.

This is published unedited from the PTI feed.