Piramal Enterprises jumped 3.83% to Rs 979.80 after the company said on Tuesday that its board of directors approved fund raising up to Rs 750 crore through issuance of non- convertible debentures.
The company said that it will raise market linked non-convertible debentures on a private placement basis upto Rs 100 crore along with an option to retain over subscription of up to Rs 650 crore, aggregating up to Rs. 750 crores.The debentures are proposed to be listed on debt segment and capital market segment of NSE and BSE, respectively. The tenure for these debentures will be 24 months.
Piramal Enterprises (PEL) is one of the large companies in India, with a presence in financial services and pharmaceuticals.
The company's consolidated net profit declined 8% to Rs 496.09 crore despite of a 22% increase in net sales to Rs 3,548.37 crore in Q1 FY23 over Q1 FY22. c
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