Informist, Friday, Oct 13, 2023

--Sources: Piramal Ent plans up to 10-bln-rupee NCD public issue

--Sources: Piramal Enterprises NCD public issue may open this month

--Sources: Piramal Enterprises NCD tenure to be 2, 3, 5, 10 years

--Sources: Piramal Enterprises to offer 9.00-9.45% coupon on NCDs

By Asmita Patil

MUMBAI – Piramal Enterprises Ltd plans to raise up to 10 bln rupees through a maiden public issue of secured non-convertible debentures this month, sources told Informist.

The issue is tentatively scheduled to open on Thursday but the date is subject to changes, a source involved in the transaction said.

The company is likely to offer debentures maturing in two years, three years, five years, and 10 years, carrying a coupon of 9.00-9.45%, the source said. 

In August, the board of Piramal Enterprises approved raising up to 30 bln rupees through public issue of non-convertible debentures in one or more tranches. 

"They (the company) plan to raise funds in tranches and this tranche is up to 1,000 crore (10 bln rupees)," another source involved in the transaction said.   

A. K. Capital Services, JM Financial Services, Nuvama Wealth Management, and Trust Investment Advisors are said to be the arrangers for the issue.

The debentures, rated "AA" by ICRA and CareEdge Ratings, are proposed to be listed on BSE, according to a draft product note filed by the company with exchanges. 

Today, shares of the company ended 0.4% lower at 1,054.30 rupees on the National Stock Exchange.  End

Edited by Akul Nishant Akhoury

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