Piramal Enterprises to allot NCDs worth Rs 100 crore

The administrative committee of Piramal Enterprises' board has approved the allotment of 10,000 non convertible debentures (NCDs), aggregating to Rs 100 crore on private placement basis.

The company will issue secured, rated, listed, redeemable, non-convertible debentures each having a face value of Rs 1 lakh, aggregating to Rs 100 crore at coupon rate of 8.75% per annum, on private placement basis.

The tenure of the instrument is 3 years and 2 months and 17 days. The redemption date is 29 March 2026.

The NCDs will be listed on debt segment and capital market segment of National Stock Exchange and BSE. NSE will be designated stock exchange.

Piramal Enterprises is one of India's leading diversified non-banking financial companies (NBFC). It reported a consolidated net profit of Rs 3,545.37 crore in Q3 FY23, steeply higher than Rs 855.08 crore in Q3 FY22. Total income tumbled 21.4% year on year to Rs 3,341.24 crore in the quarter ended 31 December 2022.

The scrip was down 3.08% to settle at Rs 745.35 on Friday, 10 March 2023.

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