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Piramal Enterprises is going to raise Rs 300 crore through issuing non-convertible debentures (NCDs) on a private placement basis.
It has said in a regulatory filing that this is a part of the company’s plan to raise up to Rs 1,000 crore through issuance of non-convertible debentures on private placement basis.
It further said that “At the meeting of the administrative committee of the Board of Directors of the company held on July 20, 2016, the committee approved the allotment of 3,000 secured redeemable NCDs… agregating to Rs 300 crore under tranche VI.”
However, it did not specify on what it intends to do with the money.
