Piramal Finance Limited announced that Viral Gandhi, President and Group Chief Information Officer, will cease to be a Senior Management Personnel of the company effective September 30, 2026. The move marks his transition to a new role within the broader Piramal Group.

The disclosure was made pursuant to Regulation 30 of the SEBI Listing Regulations. The filing confirms that Gandhi’s cessation from the senior management cadre of the housing finance arm will take effect at the close of business hours on the specified date.

Regulatory Disclosure Details

The company filed an intimation with both BSE and NSE regarding the change in leadership structure. The regulatory submission highlights that the departure is not due to resignation or removal, but rather an internal reallocation of responsibilities within the group conglomerate.

The filing further noted that details required under SEBI Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026 were enclosed in the annexure. As this is a cessation rather than an appointment, brief profile disclosures and director relationship declarations were marked as not applicable.

Piramal Finance has approved the issuance of non-convertible debentures (NCDs) worth ₹2,000 crore through the private placement route, featuring a coupon rate of 8.62% p.a.

NCD issue details

The issuance was approved by the Committee of Directors on September 28, 2026. The structure includes a base issue size of ₹500 crore along with a green shoe option to retain over subscription of up to ₹1,500 crore, aggregating to the total ₹2,000 crore. The debentures have a face value of ₹1,00,000 each.

The NCDs are proposed to be listed on the Wholesale Debt Market (WDM) segments of BSE and NSE within three working days from the closing date of the issue. Interest is payable annually and on the redemption date. In case of default in payment of interest or principal, additional interest at 2% p.a. over and above the applicable coupon rate will be payable until the default is cured.

Security and compliance

The debentures are secured through a first ranking pari-passu charge by way of hypothecation over the Hypothecated Assets of the company. Piramal Finance is required to maintain a Security Cover Ratio at or above the Minimum Security Cover of 1 time at all times. The issuance complies with Regulations 30 and 51 of the SEBI Listing Regulations, 2015.

What the numbers show

The disclosure clarifies that the headline figure of ₹2,000 crore represents the maximum potential raise, comprising a fixed base component of ₹500 crore and a flexible green shoe option of ₹1,500 crore. This structure allows the issuer to adjust final allotment based on demand while securing funding up to the approved limit. The 8.62% coupon rate and specific tenor of 3 years and 45 days provide precise cost-of-capital visibility for investors evaluating the yield relative to the instrument's duration.