Piramal Finance raises Rs 2.9K cr via bonds backed by mutual funds

Funds raised through three tranches will be used for onward lending, refinancing, debt repayment and short-term investments, says the Piramal Enterprises NBFC arm

Piramal Finance on Monday raised ₹2,950 crore through bonds issued in three tranches, with coupon rates ranging from 9.10 per cent to 9.25 per cent, sources said.

 

The non-banking financial company (NBFC) arm of Piramal Enterprises raised ₹500 crore through bonds maturing in 22 months at a coupon rate of 9.10 per cent per annum, payable annually. Additionally, it raised ₹2,050 crore via 24-month bonds at a 9.15 per cent annual coupon, and ₹400 crore through five-year bonds carrying a coupon of 9.25 per cent per annum, also payable annually.

 

The NBFC was in the market to raise up to