NCLT approves Piramal’s resolution plan for DHFL
Wadhawan had filed a petition at the NCLT, and the order was reserved since January 15.
Piramal Capital & Housing Finance Ltd (PCHFL), a wholly owned subsidiary of Piramal Enterprises Limited on Monday announced that it has raised Rs 4,050 crore through issuance of long-term, five-year Non-Convertible Debentures (NCDs) in two tranches.
The company, in a regulatory filing said, 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, 2021. The second tranche of the remaining Rs 2,050 crore opened on March 18, 2021 with a pay-in on March 19, 2021.
“CARE Ratings has assigned an ‘AA’ rating for both the issuances,” the company said.
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Rajesh Laddha, Executive Director, Piramal Enterprises Ltd said: “Since the beginning of FY 2020, 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.”
The fundraising comes after the firm received Reserve Bank of India’s approval to acquire debt-ridden Dewan Housing Finance Corporation Ltd (DHFL).
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, he said.
“The five-year NCD issuances of Rs 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,” said Laddha.
“We are now well positioned to tap growth opportunities across both our Financial Services and Pharma businesses,” the Executive Director said.
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