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Last Updated : Jan 15, 2020 02:26 PM IST | Source: Moneycontrol.com

Piramal Enterprises share price up 7% after subsidiary raises funds

The company raised long-term capital of Rs 24,000 crore to pare short-term liability in the last one year.

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The share price of Piramal Enterprises rose 6 percent intraday on January 15 after a media report said that the company’s subsidiary had raised Rs 1,400 crore from banks.

NBFC Piramal Capital & Housing Finance raised Rs 900 crore from Union Bank of India and Bank of India at 8.9 percent for five years and Rs 500 crore from IndusInd Bank for a year at 9 percent to meet the obligations, The Economic Times said, quoting people familiar with the development.

In the last one year, the company, which has been in the news for its high exposure to real-estate financing, has raised long-term capital of Rs 24,000 crore to pare short-term liability and adjust the mismatch, the report said.

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A meeting of the administrative committee of the company’ board is to be held on January 17 to consider the issue of secured non-convertible debentures on private placement basis amounting up to Rs 300 crore.

The stock was quoting at Rs 1,544.75, up Rs 99.35, or 6.87 percent, on the BSE at 1352 hours.

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First Published on Jan 15, 2020 02:26 pm
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