NBFC Piramal Finance raises Rs.2,300-Cr via ECBs

Mumbai-headquartered non-banking financial company (NBFC) Piramal Finance has raised USD 265 million (around INR 2,300 crore) via the external commercial borrowing (ECB) route. The ECB facility saw participation from four multinational banks - Abu Dhabi Bank, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation (SMBC), and the Hongkong and Shanghai Banking Corporation (HSBC).The facility carries a tenor of three years and is fully hedged. Additionally, the deal includes a greenshoe option of USD 300 million.The fundraising is aimed at expanding the company’s lending portfolio, focusing on affordable housing and financial inclusion across Tier-II and Tier-III cities.