22 Mar , 2021 By : kanchan Joshi
MUMBAI: Piramal Capital & Housing Finance (PCHFL) on Monday said it has raised Rs4,050 crore through issuance of long term five-year non-convertible debentures (NCDs) in two tranches.
The first tranche of the NCD issue, amounting to Rs2,000 crore, opened on 10 March with a pay-in for 12 March. The second tranche of the remaining Rs2,050 crore opened on 18 March with 19 March as the pay-in date.
“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 Rs50,000 crore since Apr-2019, through multiple long-term borrowings and equity transactions, thereby materially strengthening the Balance Sheet," said Rajesh Laddha, executive director, Piramal Enterprises Ltd.
CARE Ratings has assigned an ‘AA’ rating for both the issuances, the company said in a statement on Monday.
The fund raising comes weeks after the Reserve Bank of India gave its approval to the company's resolution plan for the troubled Dewan Housing Finance Corporation Ltd (DHFL). It had offered Rs34,250 crore for DHFL, comprising an upfront cash component of Rs14,700 crore and a deferred component of Rs19,550 crore.
“It has raised over Rs32,000 crore of long-term borrowings since April 2019, while significantly reducing the Commercial Paper exposure from Rs18,017 crore in September 2018 to Rs1,050 crore as of December 2020," the company statement added.
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