Mumbai: Non-bank lender Piramal Finance has raised more than 2,300 crores ($265 million) through external commercial borrowing (ECB) facilities. The loan was led by Standard Chartered Bank, Hong Kong and Shanghai Banking Corporation (HSBC), Mitsui River Bank Company, and First Ab Dhabi Bank. The price of floating rate loans is below 9%, about 15-20 bps lower than the typical domestic market rate.
“The facility has a three-year tenor and is completely hedged to mitigate the risk of foreign exchange and interest rates,” the banker said. “Land land costs are more competitive compared to domestic borrowing rates, making them an attractive financing option for Piramal Finance.” The loan has the Greenshoe option, which can rise to $300 million.
In 2025, Piramal Finance marked its first foray into the international debt market, raising $815 million to support its growth plan. These funds are primarily allocated to expanding the company’s lending portfolio, with a strategic focus on affordable housing and financial inclusion in Tier 2 and Tier 3 markets.
