In October, the board of Piramal Enterprises had approved fresh capital raising of Rs 5,400 crore through a rights issue and preferential allotment of compulsory convertible debentures.
Piramal Enterprises said on Wednesday that it will raise up to Rs 2,750 crore by issuing bonds on private placement basis.
“A meeting of the administrative committee of the board of directors will be held on December 28 to consider and approve the issue of secured non-convertible debentures on private placement basis amounting up to Rs 2,750 crore,” it said in regulatory filings at stock exchanges.
Piramal Enterprises said the money can be raised in one or more tranches from time to time.
In October, the board of Piramal Enterprises had approved fresh capital raising of Rs 5,400 crore through a rights issue and preferential allotment of compulsory convertible debentures.
The funds are expected to strengthen the company’s balance sheet and aid it in consolidation across financial services, pharmaceuticals and information management businesses. (ANI)
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