New Delhi, May 4: Piramal Enterprises Ltd on Wednesday said the administrative committee of its board of directors has approved raising of up to Rs 700 crore through the issue of non-convertible debentures (NCDs) on a private placement basis.

The committee in its meeting held on Wednesday approved the issuance of the NCDs on private placement basis, Piramal Enterprises said in a regulatory filing.

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The size of the issue is up to Rs 50 crore along with an option to retain over subscription of up to Rs 650 crore, aggregating up to Rs 700 crore, it added.

The company further said the NCDs are secured, rated, listed, redeemable, principal protected and market linked, and are proposed to be listed on debt segment and capital market segment of National Stock Exchange (NSE) and BSE Ltd.

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The tenure of the instrument is 30 months with a coupon rate of 8 per cent per annum, the filing said.

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