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.
