Diversified group Piramal Enterprises plans to raise up to Rs 500 crore through issuance of non-convertible debentures (NCDs) on a private placement basis.
At the meeting of administrative committee of the board of directors, the committee approved the issue of secured NCDs aggregating up to Rs 500 crore through private placement, Piramal Enterprises said in a BSE filing Thursday.
The company said it plans to raise up to Rs 400 crore with an option to retain oversubscription of up to Rs 100 crore, aggregating the total issue size to Rs 500 crore.
The company, however, did not specify what it intends to do with the money.
The NCDs are proposed to be listed in the wholesale debt market segment of the NSE, the company said.
Piramal Enterprises (PEL) is the flagship company of the Piramal group and has presence in healthcare and financial services verticals.
The stock of Piramal Enterprises was trading at Rs 2,273.50 apiece, down 0.66 per cent, on the BSE.