Thursday , 15 November 2018
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ECONOMIC SCAN

IndiaFirst Life Insurance ties-up with Oxigen Services

MUMBAI: IndiaFirst Life Insurance Company Limited, a joint venture between Bank of Baroda, Andhra Bank and Legal and General (UK), has announced its tie-up with Oxigen Services India Pvt. Ltd., to establish distribution of its insurance products at Oxigen retail outlets. R M Vishakha, MD and CEO, IndiaFirst Life Insurance, said, “IndiaFirst Life and Oxigen have together embarked on a journey to popularize insurance with long term savings for the micro segment. The micro segment is addressed by every other industry, be it FMCG or telecom. Oxigen, is one of the leading providers of money transfers and prepaid recharges as low as Rs.10. We offer premiums from as low as Rs 500 with a commitment to add future premiums but no penalty for inability to do so”. “The product allows flexibility of depositing premium into an account and building up the insurance cover with return of premium after 5, 7 or 10 years based on the term opted. There is guaranteed returns for all premiums paid, even if it is only one premium.” R M Vishakha added.

Shriram Transport to raise Rs 5,000 cr through NCD

MUMBAI: Shriram Transport Finance Company Limited, one of the largest asset financing NBFC in the country, with a primary focus on financing pre-owned commercial vehicles is proposing a public issue of Rs 5,000 crores by issuing 5,00,00,000 (five crore) Secured Redeemable Non-Convertible Debentures (NCDs) of the face value of Rs 1,000 each. The issue will open on June 27 and close on July 20. Options of investment tenors are 3, 5 and 10 years, with coupon of 9.10% pa, 9.30% pa and 9.40% pa respectively with monthly, annual and cumulative payment options. These NCDs, bearing a fixed rate of interest, are being offered under seven different series. Additional incentive of 0.10% pa for the individual investors across all series. Further, Senior Citizens (initial allottees) are entitled to additional incentive of 0.25% per annum across all series i.e 0.35%. The NCDs are proposed to be listed on BSE Limited and National Stock Exchange of India Limited. The funds raised through this issue will be used for onward lending, financing, and for repayment/ prepayment of interest.

 

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