Piramal Enterprises board approved the issue of Secured, Rated, Listed, Redeemable Principal Protected, Market Linked Non-Convertible Debentures (‘Debentures’) on a private placement basis.
The size of the issue is Rs100cr with an option to retain oversubscription up to Rs900cr. Thus, the total issue size is at Rs1,000cr.
The company's debentures are proposed to be listed on the Debt Segment of the National Stock Exchange of India Limited.
The company's debentures will have a tenure of 24 months and a coupon rate of 8.25% per annum linked to the Underlying Reference Price on the Final Observation Date.
On Sensex, Piramal Enterprises closed at Rs2432.15 per piece up 0.4%.