Piramal Capital & Housing Finance Limited (PCHFL), a wholly-owned subsidiary of Piramal Enterprises Limited (PEL or the Company), has raised Rs 4,050 crores 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 Crores opened on March 10, 2021 with a pay-in on March 12, 2021. The second tranche of the remaining Rs 2,050 Crores opened on March 18, 2021 with a pay-in on March 19, 2021. Leading rating agency, CARE Ratings has assigned an ‘AA’ rating for both the issuances.
Mr 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 Crores since Apr-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. The five-year NCD issuances of Rs 4,050 Crores re-affirm 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.”