Piramal Enterprises to raise up to Rs 1,000 cr through debentures

Piramal Enterprises on Monday said it will raise up to Rs 1,000 crore through issuance of non-convertible debentures (NCDs) on private placement basis.

The administrative committee of the board has approved the issue of secured, rated, listed, redeemable principal protected, market linked NCDs on private placement basis, Piramal Enterprises said in a regulatory filing.

The committee has approved the issue of NCDs on private placement basis of up to Rs 100 crore along with an option to retain oversubscription of up to Rs 900 crore, aggregating up to Rs 1,000 crore on private placement basis, it noted.

The company, however, did not specify on what it intends to do with the raised capital.

Piramal Enterprises Ltd (PEL) is the flagship company of Piramal group and has a presence in the healthcare and financial services verticals.

Shares of the company were trading 0.73 per cent higher at Rs 2,440.25 on BSE.