Piramal Enterprises limited has informed the Exchange regarding issuance of Secured, rated, listed, Redeemable, Non - Convertible debentures in two separate series on private placement ....
Awaiting price reaction for this filing.
Piramal Enterprises' Administrative Committee approved the private placement of secured, rated, listed, redeemable NCDs in two series through the EBP (Electronic Book Building) process. Series 1 carries a base size of ₹75 crore with a green-shoe option of ₹375 crore (up to ₹450 crore total), a 3,550-day (~9.7-year) tenor maturing on 23 Feb 2035, and a 9.10% p.a. coupon. Series 2 carries a base size of ₹50 crore with a green-shoe of ₹100 crore (up to ₹150 crore total), a 792-day (~2.2-year) tenor maturing on 6 Aug 2027, and a 9.12% p.a. coupon. Each debenture has a face value of ₹1 lakh, and both series are secured by a first-ranking pari-passu charge on the company's hypothecated assets. The NCDs will be listed on the WDM segment of BSE/NSE within three working days of issue closure.
This is a debt-raising move, not an equity dilution, so shareholders' ownership is unchanged. The blend of a short-tenor and a long-tenor tranche diversifies the maturity profile and raises up to ₹600 crore at competitive (sub-10%) rates. Investors should watch the utilisation of proceeds and any incremental leverage, though the security cover of 1x provides some comfort to debenture holders.