Piramal Ent raising Rs 1,000cr via NCDS

New Delhi: Piramal Enterprises Ltd on Wednesday said it plans to raise Rs1,000 crore from maiden issuance of non-convertible debentures (NCDs) to fund business growth. The tranche-I comprises the base issue size of Rs200 crore and a green-shoe option of up to Rs800 crore, aggregating up to Rs1,000 crore, which is within the shelf limit of Rs3,000 crore. The issue opens for subscription on October 19 and closes on November 2, 2023, with an option of early closure as per the Securities and Exchange Board of India (Sebi) norms.

According to Jairam Sridharan, MD, Piramal Capital & Housing Finance Ltd, 60 per cent of issue is reserved for high net-worth individuals and retail investors. The secured, rated, listed, redeemable, non-convertible debentures of the face value of Rs1,000 each is proposed to be listed on BSE and NSE, with BSE being the designated stock exchange for the issue.