Piramal Capital & Housing Finance Ltd (PCHFL), a wholly owned subsidiary of Piramal Enterprises Ltd., has raised ₹4,050 crore through the issuance of long-term, five-year non-convertible debentures (NCDs) in two tranches, the company said in a statement.
Care Ratings has assigned an ‘AA’ rating for both the issuances.
“Since the beginning of FY2020, we have significantly transformed the liabilities profile towards more stable, long-term sources of funds,” said Rajesh Laddha, executive director, Piramal Enterprises Ltd..
“The company has raised over ₹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. The five-year NCD issuances of ₹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,” he said.
