 "Piramal Pharma in touch with leading banks to raise $225 million offshore loan: Report")
The spun-off division of Piramal Enterprises, Piramal Pharma, aims to raise $225 million in foreign financing. The loan, which might be raised in the Gujarat GIFT City, will likely be extended by Axis Bank, HSBC, and the State Bank of India. Discussions for financing, with a five-year payback plan, are in progress and might be completed within the next two weeks, as per a report in Economic Times. According to people with knowledge of the situation, after the contract is signed, Axis Bank and HSBC will probably down-sell the loan while SBI may continue to hold it on its books. However, the banks individually have not made anything official yet regarding the matter.
Piramal Pharma is likely to obtain a natural hedge due to the possibility of using the loan amount for its international operations. Piramal’s US-based subsidiary will raise the loan, and the money will be utilised for refinancing as well as other potential business expansions or objectives. The loan is anticipated to be priced after the addition of 195 basis points over the Secured Overnight Financing Rate, a worldwide rate indicator that has taken the place of LIBOR as the standard benchmark.
Piramal Pharma has started a massive capital expenditures program in which it intends to invest $200 million per year over the course of this year and the following year in the growth of antibody-drug conjugate capacities at the UK’s Grangemouth. In addition to increasing capacity at its active pharmaceutical ingredient (API) facilities in India and that of potent injectables at Lexington in the United States, it is also looking to increase API capacity at Riverview, US.
Piramal has previously stated that it anticipates finishing the demerger and listing its pharmaceutical division by the third quarter of this year. In Financial Year 2022, the demerged unit generated roughly Rs 6,700 crore in revenue. Piramal Pharma received a $360 million investment from US private equity company Carlyle Group in October 2020 in exchange for a 20 percent share.
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