Piramal Enterprises today said its board has approved the issuance of privately placed non-convertible debentures to raise up to Rs 125 crore. The company, however, did not disclose the intent of the fundraising. The administrative committee of the board of directors at its meeting today approved issuance of unsecured non-convertible debentures (NCDs) on private placement basis of up to Rs 125 crore, the company said in a filing to BSE.
These NCDs are proposed to be listed on wholesale debt market segment of NSE, it added. The tenure of the instrument is three years one month and four days, the company said.
Shares of Piramal Enterprises were trading at Rs 2,845.20 per scrip in the afternoon trade on BSE, down 1.68 per cent from its previous close.