Tag: pel

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.

Shares of Piramal Enterprises were down 5 per cent to Rs 2,727.80 on the BSE in Friday's intra-day trade on profit booking after the company's board approved the demerger of the pharmaceuticals business and simplification of the corporate structure."The board of directors of Piramal Enterprises on October 7, approved a composite scheme of arrangement providing for the demerger of the pharmaceuticals business from Piramal Enterprises and simplification of the corporate structure to create two industry-focused listed entities in financial services and pharmaceuticals," company said in its release. While the financial services, including the recently acquired DHFL, will remain under Piramal Enterprise Ltd (PEL), the pharmaceutical operations will be carved out into a separate entity called Piramal Pharma Limited (PPL). Existing shareholders of PEL will get four shares of PPL for one share of PEL. Read more