What are we reading?

  1. Stock market crisis: your questions answered (here)
  2. Pfizer to merge off-patent drug business with Mylan (here)
  3. SoftBank will succeed even if the WeWork investment does not work out (here)
  4. Investing insights from Joel Greenblatt (here) (h/t: Alphaideas)

Piramal Watch: Distressed Seller or a Predator on Hunt?

With all the bearishness around the NBFC and the liquidity situation surrounding the industry, we are closely monitoring the status of several NBFC’s. Amongst them is Piramal. Depending on which source you read at or talk to, you have Piramal, either an overexposed real estate NBFC lender in a liquidity crunch, selling investments to fund liquidity issues OR a savvy predator hungry for more deals in the market when there is blood on the streets. Either way, when the results come out tomorrow, it will be a good indicator of what the reality looks like.

With so many stories swirling around, it is really tough to separate out the truth from the rumor. All we can say is, given the sheer number of permutations and combinations of the stories out there, it is evident that Piramal is talking to investors. But for what and as what? A distressed seller or as a bloodhound on a trail. We will have to wait and see how this plays out.

Some of the links to articles around Piramal:

  1. Piramal capital eyes $600M of buyouts in NBFC space (here)
  2. Can Piramal enterprises weather the NBFC storm (here)
  3. Softbank set to infuse capital into Piramal capital (here)
  4. LIC, IFC come to the aid of Piramal’s financial services business (here)
  5. Piramal’s INR 2500 Crore debt up for redemption in next 18 months (here)
  6. Piramal sharply cuts short term debt as NBFC crisis lingers (here)
  7. Piramal raises 1500 Crores from Stanchart through NCD’s (here)
  8. Reliance Jio and Piramal might setup a joint venture for financial services lending (here)
  9. Consumer finance focus can bring softbank to Piramal (here)
  10. The pathetic performance of the IndiaReit V fund (here)
  11. Piramal sells entire stake in Shriram Transport (here)
  12. Piramal is in talks to sell stake in Shriram group of companies (here)

Update: Added a few more links to the Lodha issue

  1. Piramal capital offloads 2,000 crore linked to Lodha (here)
  2. Piramal to pare 1,000 crore of Lodha developers debt (here)

Disclosure: Long Piramal.