Shares of Piramal Enterprises surged nearly 3% to their day’s high of Rs 1,123.65 on the BSE after the company’s Board of Directors on Friday approved the company's plans to raise up to Rs 2,000 crore via issuance of Non-Convertible Debentures (NCDs).The fundraise may take place in one or more tranches and the face value of the shares will be Rs 1,000 each.“Pursuant to Regulations 30 and 51 of the SEBI Listing Regulations, we write to inform you that at the meeting of Administrative Committee (‘Committee’) of the Board of Directors held today, the Committee approved the public issuance of secured Non-Convertible Debentures of face value Rs. 1,000 each aggregating up to Rs. 2,000 crores in one or more tranches,” said the company in an exchange filing.Piramal Group is a global business conglomerate with diverse interests in pharma, financial services and real estate. The Group has offices in over 30 countries and a global brand presence in more than 100 markets, and operates with over 10,000 people worldwide from 21 diverse nationalities.PEL shares have delivered 23% returns over a period of one year while its returns in 2024, so far stand at 17%. This is higher than the returns of Nifty at 11% in the last 12 months. Nifty's year-to-date returns stand at 8%.Also read: Nifty’s 200-DMA key level to watch, determine trend: AnalystsMomentum indicators RSI and MFI are in the medium range according to the data from Trendlyne. While day's MFI was reported at 58, the RSI stood at 46. A number above 70 is considered to be overbought while below 30 is seen to be oversold.The shares of Piramal Enterprises closed 2.5% lower on the BSE at Rs 1,093.65 on the BSE on Friday.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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