Piramal Enterprises Ltd. announced on Wednesday that the Administrative Committee of its Board of Directors has approved the raising of up to ₹700 crore through the issuance of non-convertible debt securities (NCDs) on a private placement basis.
The committee approved the issuance of the NCDs on a private placement basis at its Wednesday meeting, Piramal Enterprises said in a regulatory filing.
The size of the issue is up to £50m, along with an option to keep an oversubscription of up to £650m, bringing the total up to £700m, it added.
The company further said that the NCDs are collateralised, rated, listed, redeemable, principal protected and market linked and are proposed to be listed on the debt segment and capital markets segment of the National Stock Exchange (NSE) and BSE Ltd. to be noted.
The maturity of the instrument is 30 months with a coupon rate of 8% per annum, the filing said.
