Piramal Enterprises up over 3% on fund raising plans

Shares of Piramal Enterprises today rose by over 3 per cent after the company said it is looking to raise up to Rs 1,000 crore through issuance of non- convertible debentures (NCDs) on private placement basis.
The scrip went up by 3.27 per cent to settle at Rs 1,573.95 on BSE. Intra-day, it rose by 4.52 per cent to Rs 1,593 -- its 52-week high.
On NSE, it jumped 2.92 per cent to end at Rs 1,571.45.
"A meeting of the administrative committee of the Board of Directors of the company will be held on July 21, 2016 to consider and approve the issue of secured non-convertible debentures amounting up to Rs 1,000 crore on private placement basis," the company said in a BSE 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 healthcare and financial services verticals.