Piramal Capital & Housing Finance raises Rs 4,050 cr via NCDs
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Piramal Capital & Housing Finance Ltd (PCHFL), a wholly owned subsidiary of Piramal Enterprises Limited has raised Rs 4,050 crore through issuance of long-term, five-year Non-Convertible Debentures (NCDs) in two tranches.
The first tranche of the NCD issue amounting to Rs 2,000 crore opened on March 10, 2021 with a pay-in on March 12, 2021. The second tranche of the remaining Rs 2,050 crore opened on March 18, 2021 with a pay-in on March 19, 2021, the company said in a regulatory filing.
Rajesh Laddha, Executive Director, Piramal Enterprises Ltd said: "Since the beginning of FY 2020, we have significantly transformed the liabilities profile towards more stable, long-term sources of funds. The company has raised over Rs 50,000 crore since April, 2019, through multiple long-term borrowings and equity transactions, thereby materially strengthening the balance sheet."
With net debt-to-equity of less than 1x times, there is adequate growth capital available for both our business for the coming few years, he said, adding that the five-year NCD issuances of Rs 4,050 crore reaffirm the significant improvement of our liabilities side and strength of our balance sheet.
"We are now well positioned to tap growth opportunities across both our Financial Services and Pharma businesses," the Executive Director said.
