Piramal Enterprises gains on mulling NCD issue

Piramal Enterprises rose 2.26% to Rs 1,821.70 after the company said its board will consider issuing secured non-convertible debentures on 28 August 2019.

The company announced after trading hours on Friday, 23 August 2019, that a committee of the board will meet on Wednesday, 28 August 2019, to consider issuing secured non-convertible debentures ('NCDs') worth Rs 500 crore on private placement basis. The issue will carry an over-subscription option of Rs 2500 crore.

Shares of Piramal Enterprises is up 5.56% in two trading sessions to its current market price of Rs 1,821.70, from a recent closing low of Rs 1,725.60 on 22 August 2019.

On BSE, 32,000 shares were traded in Piramal Enterprises counter, compared to a 2-week average of 40,000 shares. The stock hit an intraday high of Rs 1,907.50 and an intraday low of Rs 1,805.

It hit a 52-week high of Rs 3,302.55 on 31 August 2018 and a 52-week low of Rs 1,651.80 on 7 August 2019.

Piramal Enterprises (PEL) is engaged in the business of pharmaceuticals, including research and development, financial services and information management through its subsidiaries. The company's pharmaceutical business consists of manufacturing and sale of own and traded bulk drugs and formulations.

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