Sunday , October 17 2021

Piramal Enterprises gets nod to raise Rs 5,400 crore

Piramal Enterprises’ board has approved fresh capital raise of around Rs 5,400 crore ($770 Million) through a Rights Issue and preferential allotment of Compulsory Convertible Debentures (CCDs). The Rights Issue of around Rs 3,650 crore ($ 520 Million) at Rs 1,300 per share, is intended to give an opportunity to all its existing shareholders to participate in the capital raise at an attractive price. The Promoters will participate in and are committed to the success of the Rights Issue.

In addition, the company plans to raise around Rs 1,750 crore ($250 Million) through the preferential allotment of CCDs (at a conversion price of Rs 1,510 per share) to Canadian institutional investor, Caisse de depot et placement du Quebec (CDPQ). The preferential allotment will take place by end November 2019 and the Rights Issue is expected to be completed by end February 2020.

Piramal Enterprises is one of India’s large diversified companies, with a presence in Pharmaceuticals, Healthcare Information Management and Financial Services.

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