Piramal Enterprises and Housing Finance Limited (PCHFL), a wholly owned subsidiary of Piramal Enterprises Limited, has raised the ₹ 4,050 crore through the issuance of long-term, five-year non-convertible debentures (NCDs) in two phases, the company said. in.
CARE Ratings has given an ‘AA’ rating for both issuances.
“Since the beginning of FY 2020, we have shifted liabilities towards more stable, long-term sources of funds,” said Rajesh Laddha, executive director of Piramal Enterprises Ltd.
“The company has raised more than ₹ 50,000 crore through a number of long-term lending and equity transactions since April 2019, thereby physically strengthening the balance sheet.”
“With a net debt-to-equity of less than 1 times, there is enough growth capital available for our business for the coming few years. The issuance of five-year NCDs of ₹ 4,050 crore significantly improves the strength of our liability side and our balance sheet. We are now ready to receive growth opportunities in both our financial services and pharma businesses.
.
Leave a Reply