Piramal Enterprises on Friday (23 September 2022) announced that its board has approved fund raising up to Rs 750 crore via non-convertible debentures on private placement basis.
In an exchange filing, the company said that the board has approved the issuance of secured, rated, listed, redeemable, principal protected, market linked non-convertible debentures up to Rs 50 crore along with an option to retain oversubscription of up to Rs 700 crore aggregating up to Rs 750 crore on private placement basis.
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 32 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.
Shares of Piramal Enterprises declined 1.35% to Rs 963.15 on the BSE.
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