Tag: PCHFL

PCHFL and API Holdings partner for financing solutions in healthcare

Banking & Finance

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Piramal Capital and Housing Finance Limited (PCHFL) has partnered with API Holdings through its digital platform Retailio to provide financing solutions to consumers, retailers and merchants in the API Holdings’ healthcare ecosystem.

Retailio is the country’s largest digital B2B healthcare platform.

Under this partnership, PCHFL has earmarked an initial amount of ₹100 crore for disbursement by March 2022, it said in a statement on Thursday, adding that the amount could be increased based on the initial market response.

BNPL solution

Further, PCHFL will provide solutions like Buy Now Pay Later (BNPL) for consumers and merchants, multi-collateral loans for retailers, supply chain financing, hospital financing, invoice discounting, among others.

Jairam Sridharan, Managing Director, PCHFL said, “This partnership is in is line with our strategy of expanding our retail portfolio through a mix of collaboration-led origination model and leveraging our distinguished digital lending capabilities. We look forward to a profitable and long-term partnership with API Holdings.”

With the acquisition of DHFL, PCHFL has become one of the leading players in the retail lending segment with access to over 10 lakh customers, presence in 24 States with a network of over 300 branches.

Also read: After DHFL buy, focus is now on implementation: Ajay Piramal

“By bringing together our potential synergies, we aim to provide capital to the underserved SME and MSME segment that would in-turn help fuel growth for these businesses,” said Harsh Parekh, Whole-time Director and Co-founder, API Holdings said.

API Holdings also has presence in Thyrocare and Akanamed, and through its subsidiary, owns the PharmEasy brand along with the proprietary technology platform which powers the PharmEasy marketplace

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Piramal Capital merges with DHFL

Banking & Finance

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Piramal Capital and Housing Finance Ltd (PCHFL) has merged with Dewan Housing Finance Corporation Ltd (DHFL).

“PCHFL has merged into DHFL with effect from September 30, 2021, pursuant to the reverse merger as contemplated under scheme of arrangement provided under the resolution plan,” Piramal Enterprises Ltd said in a stock exchange filing on Friday.

Also read: Ajay Piramal on the challenges faced in acquiring DHFL and the road ahead

Following this reverse merger, DHFL will issue equity shares to the shareholders of PCHFL in accordance with the scheme of arrangement provided under the resolution plan, it further said, adding that once the equity shares are allotted, DHFL will become a wholly-owned subsidiary of Piramal Enterprises Ltd (PEL).

The process is likely to take about four weeks to be completed. The development comes soon after PEL paid ₹34,250 crore for DHFL, completing its acquisition of the housing finance player.

The acquisition of DHFL is in line with a strategic roadmap to transform and expand PEL’s financial services business.

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PCHFL to raise up to ₹1,000 cr through NCD

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Piramal Capital and Housing Finance on Wednesday announced the issue of secured, rated, listed, redeemable, non-convertible debentures of the face value of ₹1,000 each. “The Tranche I Issue has a base issue size of ₹200 crore with an option to retain over subscription up to ₹800 crore, aggregating up to ₹1,000 crore,” it said in a statement.

The tranche 1 issue opens on July 12 and closes on July 23 (with an option of early closure or extension). The lead managers to the NCD issue are AK Capital Services, Edelweiss Financial Services , JM Financial and Trust Investment Advisors.

PCHFL, is a wholly owned subsidiary of Piramal Enterprises . It is a non-deposit taking housing finance company, into wholesale and retail funding and is in the midst of acquiring Dewan Housing Finance Corporation Ltd (DHFL).

Also read:Piramal ties up funds from Barclays Bank, Standard Chartered for DHFL buy

Rajesh Laddha, Executive Director and Group Chief Financial Officer, Piramal Enterprises said the funds raised will be used for retail disbursement. “The retail engine is in motion. We are getting more people and expanding branches,” he told reporters.

Focus on Tier 2 and 3 towns

Jairam Sridharan, CEO, Piramal Retail Finance, said the focus of the business is on the retail segment in Tier 2 and 3 towns. This will get enhanced with the acquisition of DHFL. It is looking to focus on salaried and small business owners in these markets and offer them products such as two-wheeler and used car financing.

Commenting on the implementation of the DHFL resolution, Laddha said that multiple things are being done. He also noted that there is no regulatory bar for Piramal Group or CoC to go ahead with resolution implementation.

“We are preparing a checklist where all issues will be sorted out. How the NCDs of ₹19,000 crore will be issued and allocated within the CoC to its members. Work is on at the CoC and Administrator’s end. There are small issues with regard to merger, getting DHFL equity and NCDs delisted,” he said.

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Piramal Capital and Housing Finance raises ₹4,050 crore through NCDs

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Piramal Capital and Housing Finance Ltd (PCHFL), a wholly owned subsidiary of Piramal Enterprises Limited (PEL), has raised ₹4,050 crore through issuance of long-term, five-year non-convertible debentures (NCDs) in two tranches.

The first tranche of the NCD issue, amounting to ₹2,000 crore, opened on March 10 with a pay-in on March 12, 2021. The second tranche of the remaining ₹2,050 crore opened on March 18 with a pay-in on March 19, 2021.

“CARE Ratings has assigned an ‘AA’ rating for both the issuances,” the company said in a statement on Monday.

DHFL deal

The fund raise comes just weeks after the Reserve Bank of India gave PCHFL the approval to acquire troubled Dewan Housing Finance Corporation Ltd (DHFL). The total consideration for DHFL was ₹34,250 crore, comprising an upfront cash component of ₹14,700 crore and a deferred component of ₹19,550 crore.

“The five-year NCD issuances of ₹4,050 crore re-affirm the significant improvement of our liabilities side and strength of our balance sheet. We are now well-positioned to tap growth opportunities across both our financial services and pharma businesses,” said Rajesh Laddha, Executive Director, PEL.

The statement noted that PEL has transformed its liabilities profile towards more long-term borrowings and has raised over ₹50,000 crore since April 2019.

“It has raised over ₹32,000 crore of long-term borrowings since April 2019, while significantly reducing the Commercial Paper exposure from ₹18,017 crore in September 2018 to ₹1,050 crore as of December 2020,” it added.

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