Piramal Enterprises spurts after board nods NCD issue

Piramal Enterprises hit an upper circuit of 10% at Rs 941.25 after the company said a committee of board approved allotment of non-convertible debentures (NCDs) aggregating up to Rs 750 crore.

In December 2019, the administrative committee of the board of directors had approved issuance of secured, rated, unlisted, redeemable non-convertible debentures (NCDs) on private placement basis up to Rs 2,750 crore in one or more tranches.

Accordingly, the administrative committee on Monday (30 March) approved allotment of 7,500 secured, rated, unlisted, redeemable NCDs having a face value of Rs 10 lakh each, aggregating up to Rs 750 crore. The tenure of NCDs is 15 months and offers interest rate of 10.25% per annum.

On a consolidated basis, the company's net profit jumped 20.27% to Rs 724.95 crore on a 9.07% rise in net sales to Rs 3,805.67 crore in Q3 December 2019 over Q3 December 2018.

Piramal Enterprises is one of India's largest diversified companies, with a presence in financial services, pharmaceuticals and healthcare insights & analytics.

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