Piramal Enterprises plans to raise ₹450 Crore via NCDs

14 Feb 2025 , 02:01 PM

Piramal Enterprises stated that the company’s board of directors approved the issue of secured, rated, listed, and redeemable non-convertible debentures (NCDs) worth up to ₹450 Crore. The said issue will be on a private placement basis.

As per the company, the issue includes a base issue size of ₹75 Crore, with a green shoe option to retain oversubscription valuing up to ₹375 Crore. Therefore, aggregating to ₹450 Crore. 

The NCDs will be issued at a coupon rate of 9.10%, with interest paid annually and on redemption date.

As part of the contract, debentures shall have a tenure of 3,651 days (approx. 10 years) and shall be listed on the Wholesale Debt Market (WDM) segment on NSE, being the designated stock exchange.

The redemption amount, including principal and interest, shall be paid by February 23, 2035.

In the quarter ended December 2024, the company has posted strong results , with a net profit of ₹38.60 Crore against a net loss of ₹2,377.60 Crore in the previous corresponding quarter.

On the contrary, the company’s revenue slipped 1.1% to ₹2,448.60 Crore in Q3FY25, against ₹2,475.60 Crore in the same quarter of previous year.

At around 12.23 PM, Piramal Enterprises was trading 3.66% lower at ₹928.80, against previous close of ₹964.10 on NSE. The counter touched an intraday low of ₹965.

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