Piramal Enterprises to raise Rs 500 cr via non-convertible debentures

Piramal Enterprises Ltd on Monday said the administrative committee of its board of directors has approved raising up to Rs 500 crore through issue of non-convertible debentures on a private placement basis.

 

The committee at its meeting held on Monday approved issue of non-convertible debentures (NCDs) of up to Rs 100 crore along with an option to retain over subscription of up to Rs 400 crore, aggregating up to Rs 500 crore, Piramal Enterprises said in a regulatory filing.

 

The debentures are proposed to be listed on debt segment and capital market segment of National Stock Exchange (NSE) and BSE Ltd, it added.

 

The NCDs will have a tenure of 30 months with a coupon rate of 8 per cent per annum, the company said, adding the redemption date is September 2, 2024.