The board of Piramal Enterprises on Friday approved a proposal to raise up to Rs 800 crore through secured non-convertible debentures (NCDs). Late in August, the company had decided to defer its plan to raise Rs 3,000 crore through NCDs.
In recent months, the company’s financial services business has faced difficulties in raising money amid a situation of tight liquidity after defaults by some entities of the Infrastructure Leasing & Financial Services (IL&FS) group in September 2018.
After announcing its results for the quarter ended June, the management of Piramal Enterprises acknowledged as much. Chairman Ajay Piramal told ...
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