Piramal Enterprises Ltd on Wednesday stated the executive committee of its board of administrators has accepted elevating of as much as Rs 700 crore by way of the problem of non-convertible debentures (NCDs) on a non-public placement foundation.
The committee in its assembly held on Wednesday accepted the issuance of the NCDs on non-public placement foundation, Piramal Enterprises stated in a regulatory submitting. The dimension of the problem is as much as Rs 50 crore together with an choice to retain over subscription of as much as Rs 650 crore, aggregating as much as Rs 700 crore, it added.
The firm additional stated the NCDs are secured, rated, listed, redeemable, principal protected and market linked, and are proposed to be listed on debt phase and capital market phase of National Stock Exchange (NSE) and BSE Ltd.
The tenure of the instrument is 30 months with a coupon price of 8 per cent every year, the submitting stated.