Tag: piramal enterprises

Banks, auto stocks drag Indian shares as inflation fears weigh, BFSI News, ET BFSI

Personal Finance

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BENGALURU – Indian shares ended lower on Thursday, weighed down by losses in banking and automobile stocks, with investor sentiment also soured by broad worries about inflation triggered by a big jump in U.S. consumer prices.

The blue chip NSE Nifty 50 index closed down 0.80% at 17,873.60, while the benchmark S&P BSE Sensex lost 0.72% to end at 59,919.69.

The markets have struggled to build on momentum from a slight festival-led rebound seen last week following October’s correction, with the main indexes on track to end lower for the current week.

Data on Wednesday showing U.S. consumer prices surged at the fastest pace since 1990 last month reverberated across global markets, driving a slide in both Asian and European shares.

On investors’ radar is India’s October retail inflation reading on Friday, with a Reuters poll of 43 economists forecasting inflation likely hovered near a six-month low.

In Mumbai trading, the Nifty Bank Index fell 1.19% to record its fourth straight session of losses. State-run lender State Bank of India was down 2.8% and was among the top percentage losers on the Nifty 50.

The Nifty Auto Index ended 1.18% lower, snapping a four-session streak of gains. Eicher Motors and Tata Motors shed more than 1.4% each.

Among individual stocks, shares of Zomato added 3.6% after the company posted quarterly revenue that more than doubled as orders on its food delivery business zoomed.

Consumer goods maker Godrej Consumer Products fell as much as 3.2% after missing September-quarter profit estimates.

Conglomerate Piramal Enterprises was down 3.9% after its quarterly profit, revenue fell.



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

Banking & Finance

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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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DHFL lenders likely to meet again this week to discuss bids

Personal Finance

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DHFL had total assets amounting to Rs 79,800 crore as of March 2020, as per its annual report.

By Ankur Mishra,

The committee of creditors (CoC) of Dewan Housing Finance Corporation (DHFL) is likely to meet again this week to discuss bids submitted by the suitors, sources close to development told FE. Lenders had earlier met on Friday & Saturday and sought few clarifications from Oaktree Capital and Piramal Enterprises which needs to be responded to by Monday.

While Oaktree Capital had offered a total of Rs 36,646 crore, Piramal Enterprises had offered Rs 35,550 crore for DHFL’s entire book. Adani Properties had submitted a total bid of Rs 33,110 crore for the company.

FE had reported earlier that Piramal Enterprises was offering to pay Rs 1,054 crore more as cash upfront than Oaktree capital in the latest round of bidding. Piramal Enterprises has offered to pay Rs 12,700 crore, while Oaktree is willing to make a cash payment of Rs 11,646 crore. Adani Properties has offered a cash payment of Rs 10,750 crore in its bid.

While Oaktree has offered to pay Rs 21,000 crore of debt over seven years, Piramal Enterprises has said it will pay Rs 19,550 crore in 10 years. Adani Properties has offered to convert Rs 19,110 crore into debt, payable in 7 years.

CoC, had earlier, called for fresh bids, without opening those submitted in the third round after the National Company law Tribunal (NCLT) stayed the resolution proceedings on a petition filed by the National Housing Bank (NHB). Later, the CoC agreed to consider bids submitted in the third round, even as there was an option to improve their offers in the fourth round of bidding.

The admitted claims of financial creditors from DHFL are at Rs 87,120 crore as on September 10. State Bank of India is the lead creditor with claims of Rs 10,083 crore, followed by Bank of India which has claimed Rs 4,126 crore. Among others, Canara Bank has claimed Rs 2,682 crore while National Housing Bank (NHB) has claimed Rs 2,434 crore. DHFL has been undergoing insolvency proceedings at the NCLT in Mumbai since December 3.

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