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Piramal Enterprises plans to raise up to Rs 500 crore through issuance of non-convertible debentures (NCDs) on a private placement basis.
At a meeting of administrative committee of the board of directors, the committee has approved the issue of secured NCDs aggregating up to Rs 500 crore on a private placement basis, Piramal Enterprises said in a BSE filing on Thursday.
The company said it plans to raise up to Rs 400 crore with an option to retain oversubscription of up to Rs 100 crore, aggregating the total issue size to Rs 500 crore. The company, however, did not specify what it intends to do with the money. The NCDs are proposed to be listed in the wholesale debt market segment of the NSE.
Piramal Enterprises is the flagship company of the Piramal Group and has presence in healthcare and financial services verticals. Piramal Enterprises’ shares were trading at Rs 2,273.50 apiece, down 0.66 per cent, on the BSE.
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