Piramal Enterprises to raise Rs 2,590 crore via NCDs

Mumbai-based healthcare company Piramal Enterprises said, “Its board has approved raising to Rs 2,590 crore through issuance of secured non-convertible bonds on a private placement basis.”

In a filing with the stock exchange, Piramal Enterprises said, “The administrative committee of the board of directors has approved the issue of secured, rated, unlisted, redeemable non-convertible bonds on a private placement basis.”

“The size of the issue is up to Rs 2,590 crore at the fixed interest rate of 9 percent per annum,” the company added.

Adding to the filing, the company said, “The tenure of the instrument is of three years and one day, and the redemption date of the said bond is 26th June 2023.”