The five-year NCDs were issued in two tranches this month and with this, the total money raised by PEL, including debt, equity and asset sales, since April 2019 has touched Rs 50,000 crore, PEL said in a statement.
PEL’s Executive Director Rajesh Laddha said the company has transformed the liabilities profile towards more stable and long-term sources of funds since April 2019 to strengthen the balance-sheet.
“With net debt-to-equity of less than 1x times, there is adequate growth capital available for both our business for the coming few years,” he said, stressing that PEL is now well positioned to tap into growth opportunities in both financial services and pharma businesses.
The current issuance includes the first tranche of the NCD issue of Rs 2,000 crore, which opened on March 10 with a pay-in on March 12, and a second tranche for the remaining Rs 2,050 crore on March 18 with a pay-in on March 19, the statement said.
The overall Rs 50,000 crore capital raised since April 2019 includes over Rs 18,000 crore through equity transactions like preferential allotment to CDPQ for raising Rs 1,750 crore, rights issue of Rs 3,650 crore, sale of healthcare analytics subsidiary DRG for Rs 6,950 crore.
Besides, the Rs 18,000 crore includes stake-sale of Rs 2,300 crore and a Rs 3,523 crore infusion by private equity major Carlyle Group for a 20 per cent stake in pharma business, it said.
The remaining Rs 32,000 crore is on the debt side, through long- term borrowings of over one year, it said, adding that the commercial paper book has come down to Rs 1,050 crore in December 2020 from Rs 18,017 crore in September 2018.