Piramal Enterprises said its board has approved raising of up to ₹650 crore by issuing non-convertible debentures.
The size of the issue is up to ₹50 crore with an option to retain over subscription of up to ₹600 crore, according to a regulatory filing.
“Up to Rs. 50 crores along with an option to retain over subscription of up to Rs. 600 crores, aggregating up to Rs. 650 crores,” Piramal Enterprises regulatory filing said.
“Redemption at par on 23rd May, 2025,” it further added.
The meeting of administrative committee of the board of directors has clear the issuance of secured, rated, listed, redeemable, principal protected, market-linked non-convertible debentures on private placement basis, it added.
With Piramal Enterprises Ltd (PEL) demerging its pharma business, the stock started trading ex-pharma business on Tuesday, 30 August, 2022. The company fixed September 1, as the record date for the demerger of Piramal Pharma. Each PEL shareholder on record date will get 4 shares of Piramal Pharma, which will be listed tentatively by Oct/Nov (60-90 days from NCLT approval), per the company.
Piramal Pharma was demerged from PEL in August, as part of the strategy to simplify the company’s corporate structure. The demerger plan received a nod from the National Company Law Tribunal (NCLT) on August 12.
On Tuesday, the scrip ended 1.87 per cent at ₹903.
