Piramal adjusts bond terms on credit rating changes

Piramal Enterprises modified terms on two non-convertible debentures, linking coupon rates to credit rating changes. A downgrade from AA to A+ increases the coupon by 0.25%, while a fall from A+ to A adds 1.00%. Upgrades trigger reductions.

Mandatory redemption now occurs if the company's long-term credit rating falls four notches from the current AA level to A- or below.