Piramal Enterprises plans to raise Rs 1,000 crore via NCDs

Piramal Enterprises on Monday said it is looking to raise up to Rs 1,000 crore through issuance of non-convertible debentures (NCDs) on private placement basis.

"A meeting of the administrative committee of the Board of Directors of the company will be held on July 21, 2016 to consider and approve the issue of secured non-convertible debentures amounting up to Rs 1,000 crore on private placement basis.

The company, however, did not specify on what it intends to do with the money.

Piramal Enterprises Ltd (PEL) is the flagship company of Piramal group and has a presence in the healthcare and financial services verticals.

Shares of the company were trading 1.43% higher at Rs 1,545.85 on BSE.