Piramal Enterprise is planning to issue commercial papers to raise R375 Cr, ET stated. The paper would carry an interest of 11.75%.
The issue would be categorized into 3 maturities - October maturity CPs for R50 Cr, early November papers for R225 Cr and December maturity papers for R100 Cr.
Over the years the company has diversified across multiple verticals within healthcare, life sciences and financial services. It also carries on research and drug discovery with more than 400 scientists in its team and over 170 issued patents plus 370 pending patent.
Last year, Decision Resources Group, the American subsidiary of Piramal Enterprises, had acquired British firm Abacus International and was planning to acquire Ind-Swift Laboratories’ contract research and manufacturing business.
The pharma company had shown diversified interest through its investment of R500 Cr in Green Infra Limited and acquisiton of 10% equity stake in Shriram Transpor, earlier this year.
Recently Third Avenue acquired around 1.26% stake through block deal of R117 Cr in Piramal.
Piramal Enterprise on BSE
Ahmedabad-based Roselabs Limited was in talks with some financial institutional players to raise R100 Cr for expanding its operations
Star Dental was planning to raise funds from individual and institutional investors to fund its expansion plans in India
The Board of Venus Remedies had approved raising of funds by way of equity/convertible instruments upto $30 Mn, on a preferential basis
Jubilant Life Sciences was planning to raise debt up to $250 Mn,
Godrej Properties, the real estate arm of Godrej Group has entered into a JV with Oasis Buildhome Pvt Ltd which owns nearly 14 acre of land in Gurgaon, to develop a premium housing project, BSE filing states. It has signed an agreement to develop a 13.76 acre property situated on Northern Periphery Road in Sector 88A/89A, Gurgaon. This would be the fourth project of Godrej Properties in the NCR.
Online car rental startup JustRide has raised angel funding from Alok Mittal (cofounder of Angel India Network), Zeeshan Hayat (CEO and cofounder of Toppr.com), Niraj Singh (founding partner of Outbox Ventures), Nikunj Jain (cofounder of Frankly.me), Anirudh Damani (Partner of Artha Energy Projects), Punit Goyal (cofounder and MD at PLG Clean Energy Projects), Rohit Chokani (Company Director at Lakshchandi Realty) and Palaash Ventures.