Piramal Enterprises Limited

Piramal Enterprises Limited is a non-deposit-taking NBFC registered with the RBI, engaged in providing wholesale and retail lending. The retail lending business is primarily conducted through the wholly owned subsidiary, Piramal Capital and Housing Finance Company Limited ('PCHFL'), a housing finance company registered with the National Housing Bank ('NHB'). The Company presently provides (i) wholesale funding solutions to real estate developers, corporates and SMEs across sectors; and (ii) retail funding opportunities including housing finance, loan against property, secured small and medium enterprises ('MSMEs') loans, other secured loans and unsecured loans (including microfinance loans) to individuals and MSMEs. In addition to the wholesale and retail lending business, they also have a fund management business which provides customised funding solutions through Piramal Credit Fund. The fund includes capital commitment from various investors including CDPQ. They also have a distressed and special situations investment platform, India Resurgence Fund ('IRF') with Bain Capital Credit, which invests capital directly into businesses and acquires debt of distressed businesses. They also have presence in the life insurance sector, as they have a 50% shareholding in Pramerica Life Insurance (a joint venture with Prudential International Insurance Holdings), pursuant to the acquisition of Dewan Housing Finance Limited ('DHFL'). Company has shown good results and rating is ICRA AA / Stable by ICRA Limited and CARE AA / Stable by CARE Ratings Limited, which will be considered to have adequate degree of safety regarding timely servicing of financial obligations and low credit risk, coupon rates are also good. So we give SUBSCRIBE rating to this debt offer.

• 1 Thomas John Muthoot
• 2 Thomas George Muthoot
• 3 Thomas Muthoot