Piramal Enterprises Limited, is a non-deposit taking, RBI registered systemically important NBFC, engaged in providing wholesale and retail lending, has filed Tranche I prospectus dated October 16, 2023 to be read with the Shelf Prospectus dated October 16, 2023 (“Shelf Prospectus” together with the Tranche I Prospectus referred as the “Prospectus”) for public issue of secured, rated, listed, redeemable, non-convertible debentures of the face value of ₹ 1,000 each. The base issue size is Rs. 200 crores with a green shoe option of up to Rs. 800 crores, aggregating up to ₹ 1,000 crores (“Tranche I Issue”), which is within the shelf limit of ₹ 3,000 crores (“Issue”).
The Tranche I Issue opens on Thursday, October 19, 2023, and closes on Thursday, November 2, 2023 with an option of early closure or extension in compliance with Securities and Exchange Board of India Issue and listing of (Non-Convertible Securities) Regulations 2021, as amended (“SEBI NCS Regulations”). The NCDs are proposed to be listed on BSE and NSE, with BSE being the Designated Stock Exchange for the Issue. The NCDs have been rated [ICRA] AA (Stable by ICRA Limited and CARE AA; Stable by CARE Ratings Limited.
The minimum application size is ₹ 10,000 (i.e. 10 NCDs) and thereafter in multiples of ₹ 1,000 (i.e. 1 NCD) thereof. The issue has maturity / tenure options of 2 years, 3 years, 5 years and 10 years for NCDs with annual coupon payment being offered across series I, II, III, and IV respectively. Effective yield for NCD holders in various categories ranges from 9.00% to 9.34% per annum.
Out of the net proceeds of the Tranche I Issue, at least 75% shall be utilised for the purpose of onward lending, financing and for repayment / prepayment of interest and principal of existing borrowings of the Company and a maximum up to 25% will be utilised for general corporate purposes.
A. K. Capital Services Limited, JM Financial Limited, Nuvama Wealth Management Limited (formerly known as Edelweiss Securities Limited), and Trust Investment Advisors Private Limited are the lead managers to the Issue (“Lead Managers”). IDBI Trusteeship Services Limited is the Debenture Trustee to the Issue and Link Intime India Private Limited is the Registrar to the Issue.
