Piramal Enterprises to raise up to Rs 2,590 crore through bonds

Piramal Enterprises on Tuesday said its board has approved raising up to Rs 2,590 crore through issuance of secured non-convertible bonds on a private placement basis.   "The administrative committee of the board of directors has approved the issue of secured, rated, unlisted, redeemable non-convertible bonds on private placement basis...,"  Piramal Enterprises said in a BSE filing.

The size of the issue is up to Rs 2,590 crore, it added.

The company, however, did not disclose the purpose of raising the amount.

The tenure of the instrument is three-years-and-one day and the interest rate is fixed at 9 percent per annum,  Piramal Enterprises said.