Piramal Enterprises announced an investment of Rs 600 crore in its wholly owned subsidiary, Piramal Finance Limited (PFL), via a subscription to a rights issue.
PFL, an existing wholly owned subsidiary of the company, reported a turnover of Rs 6.66 lakh for the FY24. The funds raised through this investment will be utilized by PFL for business and general corporate purposes.There has been no change in the shareholding percentage of Piramal Enterprises in PFL following this investment.
Piramal Enterprises (PEL) is a leading diversified NBFC in India with a presence across retail lending, wholesale lending, and fund-based platforms. The company has investments and assets worth around $10 billion, with a network of branches across 26 states/UTs.
The company reported consolidated net profit of Rs 38.56 crore in Q3 FY25 as compared with net loss of Rs 2,377.59 crore in Q3 FY24. Total income jumped 10.1% YoY to Rs 288.76 crore in Q3 FY25.
The counter declined 1.11% to end at Rs 978.50 on Wednesday, 26 March 2025.
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