Piramal Enterprises on Wednesday said that it plans to raise up to Rs 1,000 crore through issue of secured non-convertible debentures (NCDs) on private placement basis.
The administrative committee of the board approved the issue of secured NCDs on private placement basis up to Rs 500 crore with an option to retain over-subscription of up to Rs 500 crore, aggregating the total issue size to Rs 1,000 crores in two series, the company said in a filing to the BSE.
The issue size of Series 1 is Rs 100 crore, it added.
The size of Series 2 is Rs 400 crore with green shoe option of Rs 500 crore so that the total value shall not exceed Rs 900 crore, Piramal Enterprises said.
The company, however, did not specify what it wants to do with the funds to be raised.
Its shares were on Wednesday trading at Rs 2,271.05 per scrip on the BSE, down 0.48 per cent from its previous close.