Piramal Finance: QIP Legal Advisors Guide ₹2,100 Cr Capital Raise

• Piramal Finance Limited successfully raised ₹2,100 crore through a Qualified Institutions Placement (QIP) of equity shares.
• Cyril Amarchand Mangaldas advised Piramal Finance, with Devaki Mankad and Amitpal Singh leading the team.
• Trilegal acted as legal counsel for the book running lead managers, led by Partner Vijay Parthasarathi.
• Linklaters provided international legal counsel for the book running lead managers in the transaction.
• The capital raise strengthens Piramal Finance's balance sheet and capital base, supporting its disciplined growth as a retail-led upper-layer NBFC with over ₹1,00,000 crore AUM.

The intricate legal aspects of the Piramal Finance QIP were managed by a consortium of leading law firms, with Cyril Amarchand Mangaldas (CAM) advising Piramal Finance directly.

Piramal Finance Limited has successfully concluded a Qualified Institutions Placement (QIP) of equity shares, securing a substantial ₹2,100 crore. This significant capital infusion marks a key development for the non-banking financial company (NBFC), aimed at bolstering its financial position and strategic growth initiatives. The placement attracted robust interest from a diverse group of prominent domestic and international institutional investors, underscoring confidence in Piramal Finance's market standing and future prospects.

The successful completion of this QIP is expected to provide Piramal Finance with enhanced financial flexibility. The funds raised are specifically earmarked to strengthen the company's balance sheet and augment its overall capital base. This strategic move is designed to empower the NBFC to pursue its disciplined growth objectives more effectively in the dynamic Indian financial market.

The intricate legal aspects of the Piramal Finance QIP were managed by a consortium of leading law firms, with Cyril Amarchand Mangaldas (CAM) advising Piramal Finance directly. The CAM team, instrumental in guiding the issuer through the Qualified Institutions Placement, was led by Partners Devaki Mankad, who also serves as Regional Co-Head - Capital Markets - West, and Amitpal Singh. They received support from a team of associates including Niharika Payannavar, Janhavi Deshmukh, Eashaan Agrawal, Mann Agrawal, Mitali Mangalam, and Riya Kumar. Strategic oversight for CAM’s involvement was provided by Senior Partner Yash J. Ashar.

Representing the book running lead managers (BRLMs) — Nomura Financial Advisory and Securities (India) Private Limited, Motilal Oswal Investment Advisors Limited, and JM Financial Limited — was Trilegal. Partner Vijay Parthasarathi spearheaded Trilegal’s advisory efforts, supported by Counsel Saurav Das and associates Lajja Mehta, Joseph George, Rishabh Shah, and Shivansh Anand, alongside trainee associate Aarushi Jain. Further adding an international dimension to the legal counsel for the BRLMs was Linklaters, which served as their international legal advisor for the Piramal Finance QIP.

Piramal Finance operates as a retail-led upper-layer NBFC, boasting a significant pan-India presence. The company's operational scale is substantial, managing Assets Under Management (AUM) exceeding ₹1,00,000 crore as of June 30, 2026. This extensive reach and financial capacity underscore its prominent role within the Indian financial services sector.

With a customer base of over 6 million individuals spread across 26 states, Piramal Finance demonstrates a broad engagement with the Indian populace. The successful ₹2,100 crore capital raise through the Qualified Institutions Placement is poised to further solidify this foundation, enabling the company to continue its trajectory of disciplined expansion and enhance its service offerings across its wide operational footprint.

This article showcases the legal teams involved in a significant QIP, providing a precedent for structuring similar capital market transactions for NBFCs in India and identifying key legal advisors with expertise in this domain.

Source: Original reporting via Bar & Bench