Piramal Enterprises plans to raise Rs 1,000 cr through NCDs

Piramal Enterprises today said it is looking to raise up to Rs 1,000 crore through issuance of non-convertible debentures on private placement basis.

"A meeting of the company's Committee of Directors (Funding) will be held on February 29, 2016 to consider and approve the issue on private placement basis of secured non-convertible debentures (NCDs) amounting up to Rs 1,000 crore in one or more tranches from time to time," Piramal Enterprises said in a regulatory filing.

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

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 today settled 0.66 per cent up at Rs 896.25 on BSE.