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Piramal Enterprise to enter into housing finance business

Thu, 5 Jan 2017-06:30pm , Mumbai , ZeeBiz

Piramal Enterprise on Thursday stated that it plans to incorporate a housing finance company as a subsidiary of its wholly-owned financial service arm Piramal Finance Limited (PFL).

It said, “In line with the company’s growth plan PFL, will now be making an application to the National Housing Bank (NHB) for incorporating a housing finance company (HFC) as its subsidiary.” The matter has received a nod from the Piramal Enterprises’ board of directors.

On December 29, 2016 a ratings agency stated that it expects the liquidity position of the PFL to remain comfortable. As on September, the loan book of PFL stood at Rs 13,721 crore with real estate accounting for 85% of the total. Shares of Piramal Enterprises surged over Rs 55 or 3.41% on BSE, closing at Rs 1656.50 per share.