Piramal Enterprises strengthens on fund raising plan

Piramal Enterprises gained 1.78% to Rs 2,804.90 at 10:00 IST on BSE after the company said that administrative committee of the board of directors approved the issue of privately placed secured non-convertible debentures.

The announcement was made after market hours yesterday, 13 September 2017.

Meanwhile, the S&P BSE Sensex was up 114.39 points or 0.36% at 32,300.80.

On the BSE, 1,403 shares were traded on the counter so far as against the average daily volumes of 27,926 shares in the past one quarter. The stock had hit a high of Rs 2,810 and a low of Rs 2,777 so far during the day. The stock had hit a record high of Rs 3,083.05 on 13 June 2017 and a 52-week low of Rs 1,377.50 on 15 November 2016.

The large-cap company has equity capital of Rs 34.51 crore. Face value per share is Rs 2.

Piramal Enterprises said that administrative committee of the board of directors approved the issue of privately placed secured non-convertible debentures of upto Rs 250 crore with an option to retain over-subscription of upto Rs 150 crore, aggregating the total issue size to Rs 400 crore.

Piramal Enterprises' consolidated net profit rose 30.9% to Rs 302.23 crore on 27.1% rise in net sales to Rs 2245.75 crore in Q1 June 2017 over Q1 June 2016.

Piramal Enterprises is one of the India's large diversified companies, with a presence in pharmaceuticals, healthcare information management and financial services.

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