MUMBAI: Non-bank Nder Piramal Finance collected more than 3 2,300 million ($ 265 million) through external commercial borrowing (ECB) facility. The loan was led by Standard Chartered Bank, Hong Kong and Shanghai Banking Corporation (HSBC), Sumitomo Mitsui Banking Corporation and First Abu Dhabi Bank. The floating-rate loan is priced at only 9%, which is 15-20 bps less than the current local market rate.
“The facility has a 3 -year tenner and hedge it perfectly to reduce the risks of forex and interest rate,” a banker said. “The price of funds is more competitive than the domestic borrowed rate, which makes it an attractive financing option for Piramal Finance.” Loans have a greenish option, which allows it to upsize Million to 300 million.
In FY 25, Piramal Finance marked its first raid in the international Debt market, raising $ 815 million to support its growth plans. The funds will be allocated mainly to expand the company’s credit portfolio, with a strategic emphasis on the housing and financial inclusion in the Tier -2 and Tier -3 markets.
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