Piramal Enterprises is trading flat with a positive bias after the company announced on Friday that it would be issuing non-convertible debentures (NCDs) to raise capital.
The company said in its filing, "Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 20 15, we write to inform you that at the Meeting of Administrative Committee of the Board of Directors held today, the Committee approved the issue of secured, unrated, unlisted, Redeemable Non-Convertible Debentures on private placement basis."
The company will raise Rs500cr with an option to retain oversubscription up to Rs300cr such that the total value shall not exceed Rs800cr.
The tenure of the instrument shall be 12 months 2 days and the redemption date, 18th September 2020.
Piramal Enterprises Ltd is currently trading at Rs1,910.40 up by Rs7.75 or 0.41% from its previous closing of Rs1,902.65 on the BSE.
The scrip opened at Rs1,899.45 and has touched a high and low of Rs1,929.85 and Rs1,878.55 respectively. So far 4,02,794 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs37,842.54cr.
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