PCHFL raises over Rs 4K cr via NCDs

Mumbai, March 22 (IANS) Piramal Capital & Housing Finance Ltd (PCHFL) on Monday said it 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.The second tranche of the remaining Rs 2,050 crore opened on March 18 with a pay-in on March 19.Rajesh Laddha, Executive Director, Piramal Enterprises, 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 INR 50,000 crore 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 INR 4,050 crore 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.”–IANSrv/sn/vd