Shriram Finance’s SPV unit raises $300-M via social bonds: report

India Vehicle Finance, a Mauritius-incorporated special purpose vehicle set up by Shriram Finance, has raised USD 300 million in a "first-of-its-kind deal" by an Indian issuer.The bonds, which come under the "social bonds" category and were issued to US investors, were priced at a coupon of 5.85%, inside the initial price guidance of around 6.15%.Proceeds from social bonds are used to address or mitigate specific social issues such as access to essential services, financial inclusion and employment generation.