Piramal Enterprises Approves Raising Rs 180 Crore Via Bonds Issue
This will be for a tenure of 3,650 days with an interest rate of 9.50% per annum paid annually and on redemption date.
Piramal Enterprises Ltd.'s board of directors has approved the issuance of bonds with a base issue size of Rs 30 crore along with a green shoe option to retain oversubscriptions of up to Rs 150 crore, aggregating to Rs 180 crore, according to an exchange filing on the BSE.
The debentures are proposed to be listed on the Wholesale Debt Market segment of BSE Ltd. and the National Stock Exchange, with NSE being the designated stock exchange.
This will be for a tenure of 3,650 days with an interest rate of 9.50% per annum, paid annually and on the redemption date.
The company will always ensure that the security cover ratio is kept at or above the minimum security cover, which is one time, the filing said.
If there is a failure to pay interest and/or principal on the due dates, the company would owe an additional 2% annual interest over the applicable coupon rate from the date of default, until the default is resolved or the debentures are redeemed, depending on the situation.
The redemption date has been set for July 7, with the redemption amount to be paid by the issuer to the debenture holders.
