Diversified group Piramal Enterprises today said its board has approved the proposal to raise Rs 560 crore through issue of non-convertible debentures (NCDs). “At the meeting of administrative committee of board of directors of the company held today, the committee approved the allotment of 5,600 secured non-convertible debentures (NCDs) having face value of Rs 10 lakh each aggregating to Rs 560 crore on a private placement basis,” Piramal Enterprises said in a regulatory filing. The NCDs are proposed to be listed on the wholesale debt market segment of NSE, it added.
The Mumbai-based entity, however, did not specify the purpose of raising the fund. Piramal Enterprises is the flagship company of Piramal Group and has presence in healthcare, financial services and information management verticals. The group currently has operations in over 30 countries. Shares of Piramal Enterprises closed at Rs 2,988.20, down 0.23 per cent on BSE.