Piramal Enterprises to raise Rs 4,996.2 cr via bonds

Piramal Enterprises today said its board has approved raising of Rs 4,996.2 crore through allocation of securities to qualified institutional buyers (QIBs).
The administrative committee of the company's board of directors has "approved the issue of Confirmation of Allocation Note for allocation of 4,64,330 CCDs (compulsorily convertible debentures)... aggregating to Rs 4,996.2 crore to eligible QIBs (qualified institutional buyers)," Piramal Enterprises said in a filing to BSE.
The CCDs have a face value of Rs 1,07,600 each, it added.
The committee also approved the conversion price of Rs 2,690 per equity share against the floor price of Rs 2,688.35, it added.

Shares of Piramal Enterprises today closed at Rs 2,757 per scrip on BSE, up 0.39 per cent.