Piramal Enterprises Limited has informed the Exchange regarding issuance of secured, rated, listed, redeemable, non-convertible Debentures in two separate series each of Rs. 50 Crore ....
Awaiting price reaction for this filing.
Piramal Enterprises has approved the issuance of secured, rated, listed, redeemable non-convertible debentures (NCDs) in two series via private placement through the EBP (Electronic Book Platform) process. Each series has a base size of Rs. 50 crore with a green shoe option of up to Rs. 250 crore, taking the total potential issue size to Rs. 300 crore. Series 1 has a tenure of 820 days (~2.25 years) at a coupon of 9.12% p.a., while Series 2 has a tenure of 1188 days (~3.25 years) at 9.19% p.a. The debentures will be secured by a first ranking pari-passu charge on the company's hypothecated assets and are proposed to be listed on the WDM segment of BSE/NSE.
The company is raising up to Rs. 300 crore through debt at competitive market rates (around 9.1-9.2%), which will strengthen its funding base. This is a routine debt-raising exercise and signals continued borrowing activity by the company rather than equity dilution.