Bhubaneswar, May 14 -- In a significant move, Piramal Alternatives, the investment arm of the diversified Piramal Group, has pumped Rs 600 crore into Odisha-based microfinance institution Annapurna Finance.

The investment was made through a combination of secondary equity deals and subscription to Tier-2 convertible bonds.

Piramal Alternatives acquired a 9.85 per cent stake in Annapurna Finance by purchasing shares worth Rs 300 crore fr0m existing investors, including Asian Development Bank, Bamboo Capital, Bio, DCB Bank, Oikocredit, Oman India Joint Investment Fund (OIJIF), Sidbi Ventures, and Women's World Banking. Sidbi Ventures fully exited Annapurna, while others took a partial exit.

Additionally, Piramal Alternatives invested an ...