Piramal Enterprises today said that the company will raise Rs 300 crore through issuance of non-convertible debentures (NCDs) on private placement basis.
The fund raising activity is part of the company’s plan to raise up to about Rs 1,000 crore through issuance of non-convertible debentures on private placement basis, the company stated in a regulatory filing.
“At the meeting of the administrative committee of the Board of Directors of the company held on July 20, 2016, the committee approved the allotment of 3,000 secured redeemable NCDs…agregating to Rs 300 crore under tranche VI,” the company said.
Earlier, on February 29, 2016 Piramal Enterprises had stated that the company would raise up to Rs 1,000 crore in one or more tranches from time to time.
The company, however, did not disclose the details regarding how it plans to spend money thus raised. Piramal Enterprises Ltd (PEL) is the flagship company of Piramal group.
The company operates in the healthcare and financial services space.