Piramal Enterprises board to mull fund raising upto Rs 150 cr

The board of Piramal Enterprises will meet on Wednesday, 21 August 2024 to consider issuing non-convertible debentures (NCDs) aggregating up to Rs 150 crore on private placement basis.

In a regulatory filing, the NBFC said that its Administrative Committee of the board of directors will consider and approve the issue of secured, rated, listed, redeemable, NCDs up to Rs 50 crore along with the green shoe option to retain oversubscription up to Rs 100 crore, the total size aggregating up to Rs 150 crore, having a face value of Rs 1 lakh each, on a private placement basis.

Piramal Enterprises (PEL) is a leading diversified NBFC in India with a presence across retail lending, wholesale lending, and fund-based platforms. The company has investments and assets worth around $10 billion, with a network of branches across 26 states/UTs.

The NBFC reported 64.33% fall in consolidated net profit to Rs 181.48 crore in Q1 FY24 as against Rs 508.78 crore posted in Q1 FY24. Total income fell 25.99% to Rs 2,145.38 crore in Q1 FY25 as compared to Rs 2,898.79 crore posted in corresponding quarter last year.

Shares of Piramal Enterprises surged 7.43% to settle at Rs 946.85 on Friday, 16 August 2024.

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