Piramal Enterprises to raise Rs 600-cr via NCDs

The company's stock closed at Rs 2,881.85, down 0.97%, on BSE

Piramal Enterprises today said a committee of its board today approved raising of up to Rs 600 crore by issuing non-convertible debentures (NCDs) on private placement basis.

It said in a BSE filing that the issue size is up to Rs 200 crore, with an option to retain over-subscription of Rs 400 crore, "aggregating the total issue size to Rs 600 crore".

It did not elaborate on what it proposes to do with the amount to be raised.

The NCDs are proposed to be listed on the wholesale debt market segment of NSE, Piramal said.

The "tenure of the instrument is 546 days", and redemption date is March 15, 2019, the company said.

The company's stock closed at Rs 2,881.85, down 0.97 per cent, on BSE.