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.

Close
×
My Reads Logout