Piramal Enterprises Ltd on Wednesday said the administrative committee of its board of directors has approved raising up to Rs 700 crore by issuing non-convertible debentures (NCDs) on private placement basis.
Piramal Enterprises said in a regulatory filing that the committee in its meeting held on Wednesday approved issuance of NCDs on private placement basis.
It said the issue size is up to ₹50 crore, with the option to retain subscriptions up to ₹650 crore, up to ₹700 crore, it added.
The company further said that the NCDs are secured, rated, listed, redeemable, principal protected and market linked, and are proposed to be listed on the Debt Segment and Capital Market Segment of the National Stock Exchange (NSE) and BSE Limited.
The tenure of the instrument is 30 months with a coupon rate of 8% per annum, the filing said.