The board of diversified group Piramal Enterprises has approved a proposal 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 panel approved the issue of secured NCDs aggregating up to Rs 500 crore through private placement, Piramal Enterprises said in a BSE filing today. 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 Ltd (PEL) is the flagship company of the Piramal group and has presence in healthcare and financial services verticals. The group has operations in over 30 countries. The stock of Piramal Enterprises was trading at Rs 2,778.15, down 1.50 per cent, on the BSE today.