BackPiramal Enterprises to raise Rs600 crore via NCDs
Piramal Enterprises says a committee of its board approved raising of up to Rs600 crore by issuing non-convertible debentures on private placement basis
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New Delhi: Piramal Enterprises Ltd on Friday said a committee of its board approved raising of up to Rs600 crore by issuing non-convertible debentures (NCDs) on private placement basis.
It said in a BSE filing that the issue size is up to Rs200 crore, with an option to retain over-subscription of Rs400 crore, “aggregating the total issue size to Rs600 crore". It did not elaborate on what it proposes to do with the amount to be raised.
The NCDs are proposed to be listed on the wholesale debt market segment of NSE, Piramal said. The “tenure of the instrument is 546 days", and redemption date is March 15, 2019, the company said.
The company’s stock closed at Rs2,881.85, down 0.97%, on BSE.
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