InvestorQ : Why is Piramal Enterprises looking to raise funds so aggressively at this point of time?
Khushi Patel made post

Why is Piramal Enterprises looking to raise funds so aggressively at this point of time?

Answer
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Anjana Aiyar answered.
3 months ago


Piramal board has approved raising up to Rs.2590 crore via secured non-convertible bonds on a private placement basis. These bonds are likely to be in the nature of secured, rated, unlisted, redeemable non-convertible bonds. The size of the issue is up to Rs 2,590 crore but it would be determined based on the appetite and cost in the market.

The NCDs will have tenure of three-years-and-one day and the interest rate has been set at 9% payable annually. The bonds will be redeemed on June 26, 2023. The stock of Piramal has been rallying sharply in the last few days and has crossed Rs.1250 mark on 24 June. The huge exposure to builders had been one of the concerns for PEL.