Piramal Capital & Housing Finance raises Rs 4,000 crore

Despite the crisis of confidence in the shadow banking sector, diversified Piramal Enterprises, which has a substantial lending business, Friday said it has raised Rs 5,000 crore at an average rate of 9.5 percent through longer tenure bond sale in the last one month. Its housing finance subsidiary Piramal Capital & Housing Finance also raised Rs 4,000 crore of term loans in the same period. The fund raising was significant allaying concerns of liquidity constraints in the non-banking finance industry in the recent past. The group in a statement said the funds have been raised through banks and mutual funds. "The quantum of money raised in a month, as well as the diversity of institutional participation, despite a challenging market environment, further serves as a testament to the quality of our loan book and robust underwriting standards," Piramal Capital managing director KhushruJijina said in the statement.