Fundraise plan
Piramal Capital aims to raise up to $1 bln from overseas mkt in 6-9 mos
This story was originally published at 22:37 IST on 6 November 2024
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By Sagar Sen and Christina Titus
MUMBAI – Piramal Capital and Housing Finance is aiming to raise close to $1 billion from the overseas market over the next six to nine months, its Managing Director Jairam Sridharan said. The non-banking financial institution had raised around $450 mln from the overseas market in 2024-25 (Apr-Mar), he said.
"Over the next six to nine months we might double that number (to about $1 billion) depending on market conditions," Sridharan told Informist on the sidelines of the Business Standard BFSI Summit on Wednesday. The lender's overseas fundraising plans come at a time when many NBFCs have been foraying into offshore markets to access cheaper funds and bring down borrowing costs.
Piramal Capital and Housing Finance board in October approved the allotment of senior secured sustainability notes worth $150 million at a coupon of 7.80%. The issuance was done under the second tranche of the company's Euro medium-term note programme on the India International Exchange. The company had raised $300 mln in July through senior secured sustainability notes.
Sridharan said the company has raised around INR 110 billion till September. "Overall we will raise INR 20,000 crores (INR 200 billion) in six months," he said.
Piramal Capital and Housing Finance, a wholly-owned subsidiary of Piramal Enterprises Ltd., provides housing finance and other financing solutions, including early-stage private equity, structured debt, and senior secured debt. Recently, the company forayed into hospitality sector financing. End
US$1 = INR 84.28
Edited by Saji George Titus
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