Piramal Enterprises plans to raise up to Rs 500 crore by issuing secured non-convertible debentures (NCDs) on a private placement basis.
The administrative committee of the board has approved the issue of secured NCDs on a private placement basis up to Rs 400 crore with an option to retain over-subscription of up to Rs 100 crore, aggregating the total issue size to Rs 500 crore, Piramal Enterprises said in a filing to BSE today.
“These NCDs are proposed to be listed on the wholesale debt market segment of NSE,” it added.
The company, however, did not specify what it wants to do with the funds to be raised. Shares of Piramal Enterprises were trading at Rs 2,094.45 per scrip on BSE, up 2.13 per cent, from their previous close.