PCHFL, a wholly owned subsidiary of Piramal Enterprises, sold bonds in two tranches earlier in the month.
“We are now well positioned to tap growth opportunities across both our Financial Services and Pharma businesses,” said Rajesh Laddha, Executive Director, Piramal Enterprises. 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.”
CARE Ratings assigned ‘AA’ rating for both the issuances with five-year maturity.
Since the beginning of FY2020, despite a highly volatile environment, PEL has significantly transformed its liabilities profile towards more long-term borrowings, the company said in a release. As part of this transformation, the company has raised over INR 50,000 Crores since Apr-2019.
There is significant opportunity to improve utilization of the equity capital available, as both our businesses have adequate growth capital for the next few years, the company said.