Piramal Capital borrows Rs 1100 crore for 4 months from Barclays: Report

Billionaire Ajay Piramal’s shadow banking unit has borrowed Rs 11 billion ($153 million) from Barclays Plc to refinance part of its existing debt and extend new loans, according to people familiar with the development.

While the rate of interest is 7.5 per cent on the four-month loan deal signed last week between Piramal Capital & Housing Finance Ltd. and the British bank, the blended annualized cost, including the fee, is higher than 10 per cent, the people said, asking not to be named as the information is not public. The Indian non-bank financier has offered to repay the borrowings from the