Piramal Finance Raises USD 150 Mn in Global Bond Market, Boosting International Borrowing Strategy 92% of the funds were raised from Asia, with 8% from Europe, the Middle East, and Africa. 95% of the funds came from asset managers, while 5% were raised from banks.
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Piramal Capital and Housing Finance (Piramal Finance) has successfully raised USD 150 million through a global bond sale, the company announced on Friday.
The bonds were issued at a yield of 7.078% with a repayment period of 3.32 years. This comes after Piramal Finance raised USD 300 million from a sustainability bond issuance in July 2024.
The latest bond issuance witnessed significant investor interest, being oversubscribed 3.5 times with total subscriptions reaching USD 520 million.
A total of 40 investors participated in the issuance. From a geographic standpoint, 92% of the funds were raised from Asia, while the remaining 8% came from Europe, the Middle East, and Africa. In terms of investor composition, 95% of the funds were raised from asset managers, with the remaining 5% from banks.
Compared to the bonds issued in July at a yield of 7.950%, the latest issue achieved a 0.87% improvement in pricing, reflecting growing investor confidence in the company.
Jairam Sridharan, Managing Director, Piramal Capital and Housing Finance, said, "As one of India's leading NBFCs, we are committed to expanding our presence in Tier 2 and Tier 3 cities while targeting 10–12% of our borrowing from international sources over the next 2-3 years. India offers an exciting investment landscape, and we are delighted to provide global investors the opportunity to participate in the nation's growth journey. At the same time, we remain focused on promoting sustainable development and enhancing credit access for a vast number of underserved citizens across the country."
Piramal Finance, a subsidiary of Piramal Enterprises, focuses on both retail and wholesale lending. The company serves over 1.3 million customers across 26 states, offering a range of financial products including home loans, used car loans, and small business loans. It also provides wholesale financing for the real estate and non-real estate sectors.
