Board of Directors of Piramal Enterprises Limited approved the issuance of Secured, Rated, Unlisted, Redeemable Non- Convertible Debentures (`Debentures') on private placement basis as per the details mentioned in Annexure A. Size of the issue Up to INR 10,000 million. Listing Unlisted. Security: The Debt shall be secured by a first ranking Security consisting of charge over the Hypothecated Properties, Designated Account Assets and such other assets as set out in Debenture Documents.