Piramal Enterprises to raise Rs 300 crore via NCDs

Piramal Enterprises said it will raise Rs 300 crore through issuance of non-convertible debentures (NCDs) on private placement basis.

This is part of the company's plan to raise up to Rs 1,000 crore through issuance of non-convertible debentures on private placement basis, it said in a regulatory filing.

"At the meeting of the administrative committee of the Board of Directors of the company held on July 20, 2016, the committee approved the allotment of 3,000 secured redeemable NCDs...agregating to Rs 300 crore under tranche VI," the company said.

On February 29, 2016 the company said it would raise up to Rs 1,000 crore in one or more tranches from time to time.

The company, however, did not specify on what it intends to do with the money.

Piramal Enterprises Ltd (PEL) is the flagship company of Piramal group and has a presence in the healthcare and financial services verticals.