Piramal Enterprises' board has approved raising of up to Rs 600 crore through non-convertible debentures (NCDs) on a private placement basis.
The company said in a BSE filing today 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“.
The company 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, the filing said.
The “tenure of the instrument is 546 days”, and the redemption date is March 15, 2019.
The company’s stock closed at Rs 2,881.85, down 0.97 per cent, on the BSE.