Piramal Enterprises Ltd has raised ₹690 crore in debt financing from Credit Suisse, according to regulatory filings.
Separately, its financial services unit, Piramal Capital and Housing Finance Ltd, too, has raised ₹300 crore through the sale of non-convertible debentures (NCDs). The debt raised from Credit Suisse will mature in September 2020.
The fundraisings follow the firm’s bid last month to raise around ₹3,000 crore by selling NCDs (including an option to retain over-subscription of up to ₹2,500 crore). However, on 28 August, the company told the stock exchanges that the administrative panel of Piramal’s board had decided to defer the issue of privately placed NCDs to a future date.
An email query to Piramal about the use of proceeds of the capital did not elicit a response till press time.
Amid the liquidity crunch facing non-bank lenders, Piramal has been trying to reduce its dependence on short-term funding sources. In July, Piramal Enterprises raised ₹1,500 crore through NCDs from Standard Chartered Bank. Earlier in the same month, it raised ₹200 crore debt from Flipkart co-founder Sachin Bansal. Its latest investor presentation says banks contributed 71% of total borrowing mix as on 31 March, up from 49% at September-end.
Piramal Enterprises’ standalone debt was ₹17,185.0 crore in March, while debt at a consolidated level, excluding financial services, was ₹21,495.3 crore, data from rating agency ICRA showed.