Piramal Enterprises Ltd, the financial services arm of the Piramal Group, on Tuesday (March 26) said it has invested ₹2,000 crore in Piramal Capital & Housing Finance Ltd (PCHFL), a wholly-owned subsidiary of the company by way of subscription to a rights issue.
"...we wish to inform you that the company has invested ₹2,000 crore in Piramal Capital & Housing Finance Ltd (‘PCHFL’), a wholly-owned subsidiary of the company by way of subscription to rights issue (‘Transaction’)," according to a stock exchange filing.
PCHFL will be utilising the aforesaid investment towards business or general corporate purposes, the company said.
"There is no change in the shareholding percentage of the company in PCHFL pursuant to the aforesaid investment. The transaction is between the holding company and its wholly-owned subsidiary, it is exempt from the purview of related party transactions,"
Piramal Enterprises said.
The interest of the promoter/promoter group/group companies of the company is only to the extent of PCHFL being a wholly-owned
subsidiary, it said.
PCHFL is an existing wholly-owned subsidiary of the company and its turnover for FY21, FY22 and FY23 was ₹5,08,165 lakh, ₹6,03,861 lakh, and ₹6,59,178 lakh, respectively.
