Piramal Enterprises Meets Investors to Test Waters for Debut Public USD Bond

Reporting: Malvika Joshi, Dipika Lalwani Piramal Enterprises Ltd. met investors in Singapore this week in a non-deal roadshow organized by Deutsche Bank to test the waters for potentially issuing an inaugural public USD bond, two sources familiar with the development said. The company is considering a bond issue in the next two months but has not specified a targeted issue size, the sources said. Piramal has so far engaged Deutsche Bank, Standard Chartered Bank and Barclays for the potential bond issue, the sources said. Proceeds from the planned bond will be utilized primarily for onward lending, the sources said, adding that the company is already in discussions with credit rating agencies for the potential bond and the credit rating for the bond will factor in the ongoing merger between the company and its unlisted wholly owned subsidiary, Piramal Capital and Housing Finance Ltd., or PCHFL. Merger Piramal Enterprises announced on May 8 that the company is in the process of merging with PCHFL, which will be renamed Piramal Finance Ltd. upon receipt of an NBFC Investment and Credit Company, or NBFC-ICC, license. Once the merger is completed, the new entity – Piramal Finance will be listed, the sources said. Piramal[...]