Piramal Dispels Rumours About Financial Business, Files Complaint With SEBI 
Billionaire Ajay Piramal, chairman of Piramal Group, speaks during an interview in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

Piramal Dispels Rumours About Financial Business, Files Complaint With SEBI 

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Piramal Enterprises Ltd. on Thursday said it has filed a complaint with markets regulator Securities and Exchange Board of India against the spreading of "misleading rumors" about the company.

Certain market participants are spreading false/misleading rumours against the company's financial services business in an attempt to create panic among various stakeholders, it said in a regulatory filing.

"In the interest of all our stakeholders, Piramal Enterprises has filed a complaint with SEBI against publishing and spreading misleading rumours about the company on blogs, social media platforms, and WhatsApp," it said.

Enlisting the current position of its financial services business, it said the total borrowings stand at Rs 39,000 crore, which is nearly 75 percent of its loan book and in the past one year, it has received total inflows of Rs 45,000 crore which comprised 85 percent of the loan book as of September 2018.

Besides, it said the company has raised Rs 24,000 crore as long-term funds since October 2018, which reflects the confidence of lenders on the quality of the loan book and the underlying assets.

"We received nearly Rs 19,000 crore in the form of repayments / pre-payments from borrowers in the last one year, reflecting our client selection and the consistent trend in their sales," it added. The company disbursed about Rs 19,000 crore from October 2018 to September 2019 of which Rs 5,000 crore was disbursed towards the retail business of housing finance.

It has repaid debt obligations of Rs 30,000 crore in the past one year, of which Rs 5,300 crore was repaid in the second quarter of the current fiscal, it said further. Piramal Enterprises stock was trading 2.39 percent down at Rs 1,361.90 on BSE.

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