Piramal Enterprises rises after board OKs NCD issue

Piramal Enterprises rose 1.93% to Rs 1,975 at 13:21 IST on BSE after the company said its board approved raising upto Rs 1500 crore via non-convertible debentures on a private placement basis.

The announcement was made after market hours yesterday, 10 July 2019.

Meanwhile, S&P BSE Sensex was up 240.52 points or 0.62% at 38,797.56.

On BSE, 49,000 shares were traded in Piramal Enterprises counter, compared to a 2-week average of 78,000 shares. The share price hit an intraday high of Rs 1,995.85 and an intraday low of Rs 1,951.35. It hit a 52-week high of Rs 3,302.55 on 31 August 2018 and a 52-week low of Rs 1,706.10 on 20 June 2019.

Piramal Enterprises announced that a special committee of the board approved issuing 9.5% secured, rated, unlisted, redeemable non-convertible debentures on private placement basis up to Rs 1,500 crore each having a face value of Rs 10 lakh. The tenure of the instrument is six months. The date for redemption is set at 12 January 2020.

The instrument received a credit rating of 'A1+' from CRISIL.

On a consolidated basis, net profit of Piramal Enterprises declined 88.4% to Rs 456.86 crore on a 23% surge in net sales to Rs 3,679.67 crore in Q4 March 2019 over Q4 March 2018.

Piramal Group is a global business conglomerate with diverse interests in pharmaceuticals, financial services, healthcare information management, real estate and glass packaging.

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