News ArticlePiramal Finance Utilizes ₹2,100 Crore QIP Proceeds as Per Offer Document with ₹39.79 Crore Unutilised
CARE Ratings Limited monitoring report confirms no deviations for quarter ended September 30, 2026
Piramal Finance Limited disclosed the monitoring agency report for the quarter ended September 30, 2026, confirming that proceeds of ₹2,100 crore raised through a Qualified Institutions Placement were utilized as per the offer document, with ₹39.79 crore remaining unutilised towards issue expenses. The report, issued by CARE Ratings Limited, affirms no deviations, ensuring compliance with SEBI regulations.
Piramal Finance Limited
Corporate Action
Piramal Finance Limited reported that the ₹2,100 crore raised through its Qualified Institutions Placement (QIP) has been utilized in accordance with the objects stated in the offer document, with ₹39.79 crore remaining unutilised as of September 30, 2026, primarily pertaining to issue expenses.
The company's QIP issue period was from August 24 to August 28, 2026, raising total proceeds of ₹2,100 crore through the issuance of equity shares.
The proceeds have been mainly allocated to augment the company's capital to meet future capital requirements, support asset under management growth, and maintain capital adequacy ratios, with ₹2,000 crore earmarked for these purposes.
An additional ₹52 crore was designated for general corporate purposes, while ₹48 crore was budgeted towards issue-related expenses.
As of the reporting quarter ending September 30, 2026, ₹8.21 crore has been utilized towards issue expenses, leaving ₹39.79 crore unutilised, which relates to such expenses.
There were no deviations or changes from the objects and means of finance disclosed in the offer document as confirmed by the monitoring agency CARE Ratings Limited, fulfilling SEBI regulatory requirements.
Highlights
- Piramal Finance raised ₹2,100 crore via Qualified Institutions Placement in August 2026.
- ₹2,000 crore allocated for capital augmentation for lending and asset growth.
- ₹52 crore earmarked for general corporate purposes and ₹48 crore for issue expenses.
- ₹8.21 crore of issue expenses utilized; ₹39.79 crore remains unutilised as of September 30, 2026.
- No deviation from stated use of proceeds confirmed by CARE Ratings Limited.
- Monitoring report aligns with SEBI (Issue of Capital and Disclosure Requirements) Regulations.
Key Data Snapshot
What happened
- Piramal Finance Limited completed a Qualified Institutions Placement raising ₹2,100 crore between August 24 and 28, 2026.
- The company deployed funds as per the objects stated in the issue document with a substantial portion for capital augmentation to support lending and growth.
- No deviation from the stated use of proceeds or financing means was found during monitoring.
- ₹39.79 crore remained unutilized as of September 30, 2026, primarily relating to issue expenses.
Key details
- QIP proceeds primarily intended to increase capital adequacy and asset growth.
- ₹52 crore earmarked for general corporate purposes with no changes reported.
- Issue related expenses budgeted at ₹48 crore, of which ₹8.21 crore was spent by September 30, 2026.
- No material deviations or changes in the project's scope or financing methods compared to the offer document.
- Monitoring Agency report certifies compliance with SEBI regulations for issue proceeds utilization.
Funding and capital details
- Qualified Institutions Placement raised ₹2,100 crore via issuance of equity shares.
- Funds are held across ICICI Bank Monitoring account, SBI Bank Master account, and other specified escrow mechanisms to ensure compliance and traceability.
- ₹1,750.03 crore preferential warrants allotted to promoter group entity Nithyam Realty Private Limited on October 5, 2026, with 25% payment upfront.
- Monitoring covers both utilization of proceeds and adherence to regulatory requirements.
Regulatory and governance context
- Monitoring Agency Report submitted pursuant to SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
- CARE Ratings Limited appointed as monitoring agency, reporting quarterly on fund utilization.
- No government or statutory approvals were required for the use of the issue proceeds as certified by management.
- Monitoring agency conducted the review without performing an audit or independent verification but relied on management certifications and supporting documentation.
Highlights
- Piramal Finance raised ₹2,100 crore via Qualified Institutions Placement in August 2026.
- ₹2,000 crore allocated for capital augmentation for lending and asset growth.
- ₹52 crore earmarked for general corporate purposes and ₹48 crore for issue expenses.
- ₹8.21 crore of issue expenses utilized; ₹39.79 crore remains unutilised as of September 30, 2026.
- No deviation from stated use of proceeds confirmed by CARE Ratings Limited.
- Monitoring report aligns with SEBI (Issue of Capital and Disclosure Requirements) Regulations.
Disclosures
- SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018
- SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Promoter group entity Nithyam Realty Private Limited allotted 82,94,000 preferential warrants for ₹1,750.03 crore on October 5, 2026 with 25% upfront payment.
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