Piramal Enterprises board plans to raise funds up to Rs 375 cr

NBFC announced on Wednesday that a meeting of the Administrative Committee of the Board of Directors will be held on Monday, March 28, 2022 to consider the issuance of non-convertible debentures.

The Company’s Board of Directors will consider and approve the issuance of secured, rated, listed, redeemable, principal protected and market-linked non-convertible debentures up to Rs 50 crore, along with an option to retain the oversubscription for up to at Rs 325 crore. The total aggregate size of the issue, including the oversubscription, is Rs 375 crore. NBFC aims to raise funds on a private placement basis.

Piramal Enterprises (PEL) has diversified its business interests into financial and pharmaceutical services. The company recorded an 11.1% increase in consolidated net profit to Rs 887.96 crore on a 20.4% increase in net sales to Rs 3,816.16 crore in Q3 FY22 compared to Q3 FY21.

Shares of Piramal Enterprises were trading up 0.94% at Rs 2,242.90 on BSE.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First published: Thursday, March 24, 2022. 10:26 a.m. IST

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