India-based Piramal’s board OKs Rs. 20.5 billion secured debentures

By Marisa Wong

Morgantown, W.Va., Aug. 11 – Piramal Enterprises Ltd.’s board of directors approved the issuance of up to Rs. 20.5 billion of secured non-convertible debentures.

The board approved Rs. 15 billion of debentures at a meeting held on Thursday and a further Rs. 5.5 billion of debentures at another meeting held later in the day, according to two Bombay Stock Exchange notices.

The debentures will be issued on a private placement basis.

Piramal is a Mumbai-based diversified company with a presence in the pharmaceutical, financial services and information management sectors.

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