Stock Market LIVE Updates | Piramal Enterprises' maiden NCD issue opens on Thursday; to raise up to Rs 1,000 crore

Piramal Enterprises on Wednesday said it plans to raise Rs 1,000 crore from maiden issuance of non convertible debentures (NCDs) to fund business growth. The tranche I comprises the base issue size of Rs 200 crore and a green-shoe option of up to Rs 800 crore, aggregating up to Rs 1,000 crore, which is within the shelf limit of Rs 3,000 crore.

The issue opens for subscription on October 19 and closes on November 2 with an option of early closure as per the Securities and Exchange Board of India norms.

According to Jairam Sridharan, MD, Piramal Capital & Housing Finance Ltd, 60% of the issue is reserved for high net-worth individuals and retail investors.