Piramal Enterprises Ltd announced on Monday that its board of directors' administrative committee has approved a private offering of non-convertible debentures worth up to Rs 500 crore.

Piramal Enterprises stated in a regulatory statement that “the committee approved the issue of non-convertible debentures (NCDs) worth up to Rs 100 crore, with an option to retain oversubscription worth up to Rs 400 crore, for a total of Rs 500 crore”.

The company was also said that the debentures would be listed on the debt and capital market segments of the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), respectively.

The non-convertible debentures will have a 30-month term and an annual coupon rate of 8 percentaccording to the business, with a redemption date of September 2, 2024.

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