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Piramal Housing Fin raises Rs 4,050 crore via issuance of NCDs

Piramal

Piramal Capital & Housing Finance Limited (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 in two tranches.

According to a press release, the first tranche of the NCD issue amounting to Rs 2,000 crore opened on March 10 with a pay-in on March 12. The second tranche of the remaining Rs 2,050 crore opened on March 18 with a pay-in on March 19. Leading rating agency, CARE Ratings has assigned an ‘AA’ rating for both the issuances, added the release.

Rajesh LaddhaRajesh Laddha, Executive Director, Piramal Enterprises Ltd, said, “Since the beginning of FY2020, 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.”

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