Piramal Enterprises' board approves raising Rs 3,000 crore through NCDs

Piramal Enterprises Limited board approves to raise Rs 3,000 crore through non-convertible debentures.

The company said in an exchange filing on August 22 that the move will be carried out in one or more tranches, subject to regulatory approvals as needed.

The development comes only three weeks after Piramal disclosed a substantial drop in its pre-provisioning operating profit (PPOP) for the June 2023 quarter. The company stated that its PPOP was Rs 263 crore, a 58 percent decline year on year. Despite the reduction in PPOP, the company managed to increase its net profit by 24 percent.

Source: Media Reports