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Nicholas Piramal places Rs 25-cr debenture issue

Our Bureau

MUMBAI, Nov.25

NICHOLAS Piramal India Ltd today said that it was placing Rs 25-crore through an issue of MIBOR (Mumbai Inter Bank Offer Rate) linked debentures at a spread of 10 basis points over the overnight NSE MIBOR. The debentures have a 364 day maturity with a daily put/call option.

According to a press release, the proceeds of these debentures will be utilised to refinance the Rs 35 crore commercial paper redemption, which was raised in August 2002 at a weighted average rate of 6.13 per cent per annum.

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