Mumbai: Non-bank lender Piramal Finance raised greater than ₹2,300 crore ($265 million) by means of an exterior industrial borrowing (ECB) facility. The mortgage was led by Normal Chartered Financial institution, The Hongkong and Shanghai Banking Company (HSBC), Sumitomo Mitsui Banking Company, and First Abu Dhabi Financial institution. The floating-rate mortgage is priced slightly below 9%, round 15-20 bps decrease than the prevailing home market price.
“The ability has a 3-year tenor and is totally hedged to mitigate foreign exchange and rate of interest dangers,” stated a banker. “Landed price of funds is extra aggressive in comparison with home borrowing charges, making it a lovely financing choice for Piramal Finance.” Mortgage has a greenshoe choice, permitting it to be upsized to $300 million.
In FY25, Piramal Finance marked its first foray into the worldwide debt market, elevating $815 million to assist its progress plans. These funds might be primarily allotted to increasing the corporate’s lending portfolio, with a strategic emphasis on inexpensive housing and monetary inclusion in tier-2 and tier-3 markets.
