Billionaire Ajay Piramal’s shadow banking unit has borrowed ₹1,100 crore ($153 million) from Barclays Plc to refinance part of its existing debt and extend new loans. While the rate of interest is 7.5% 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%.