The administrative committee of the Board of Directors of Piramal Enterprises has approved the issuance of Non-Convertible Debentures (NCDs) to raise up to ₹700 crore.
The Board, at its meeting held on Wednesday, approved the issuance of secured, rated, listed, redeemable, principal-protected, market linked Non-Convertible Debentures on a private placement basis, the company said in a regulatory filing.
The issue size is up to ₹50 crore along with an option to retain oversubscription of up to ₹650 crore, aggregating up to ₹700 crore.
The tenure of the instrument is 30 months while the interest/coupon rate is 8 per cent per annum. Coupon shall be linked to Underlying Reference Price on Final Observation Date, the company said in the filing,
At 2:01 pm, Piramal Enterprises was trading at ₹2,078.40, down ₹51.25 or 2.41 per cent on the BSE in a weak market. It had opened at ₹2,155.00 as against the previous close of ₹2,129.65.