Piramal Enterprises to raise up to Rs 500 crore via NCDs

Published On: Monday, February 28, 2022 | By: Team KnowMyStock

Piramal Enterprises Ltd on Monday said the administrative committee of its board of directors has approved raising up to Rs 500 crore through the issue of non-convertible debentures on a private placement basis. The committee at its meeting held on Monday approved the issue of non-convertible debentures (NCDs) of up to Rs 100 crore along with an option to retain oversubscription of up to Rs 400 crore, aggregating up to Rs 500 crore, Piramal Enterprises said in a regulatory filing. The company reported 11.1% growth in consolidated net profit to Rs 887.96 crore on a 20.4% rise in net sales to Rs 3,816.16 crore in Q3 FY22 over Q3 FY21. The debentures are proposed to be listed on debt segment and capital market segment of National Stock Exchange (NSE) and BSE Ltd, it added. The NCDs will have a tenure of 30 months with a coupon rate of 8 percent per annum, the company said, adding the redemption date is September 2, 2024.

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