Piramal Enterprises advances as board approves allotment

Piramal Enterprises gained 3.08% to Rs 2,402 at 11:13 IST on BSE after the company's committee of directors approved allotment of shares to eligible applicants of the rights issue.

The announcement was made after market hours yesterday, 8 March 2018.

Meanwhile, the S&P BSE Sensex was up 98.66 points or 0.3% at 33,450.06.

On the BSE, 6,870 shares were traded on the counter so far as against the average daily volumes of 11,000 shares in the past one quarter. The stock had hit a high of Rs 2,408 and a low of Rs 2,334 so far during the day. The stock had hit a record high of Rs 3,065.14 on 13 June 2017 and a 52-week low of Rs 1,800.48 on 3 March 2017.

The large-cap company has equity capital of Rs 36.06 crore. Face value per share is Rs 2.

Piramal Enterprises said that pursuant to the finalization of basis of allotment of the rights issue, the committee of directors (rights issue) has considered and approved the allotment of 74.85 lakh shares at Rs 2,380 per share to the eligible applicants.

In January 2018, Piramal Enterprises had announced rights issue at Rs 2,380 per share in ratio of one share for every 23 held as on record date of 1 February 2018. The right issue opened on 12 February 2018 and closed on 26 February 2018.

Piramal Enterprises' consolidated net profit rose 21.38% to Rs 490.47 crore on 22.62% rise in net sales to Rs 2858.36 crore in Q3 December 2017 over Q3 December 2016.

Piramal Enterprises is one of the India's large diversified companies, with a presence in pharmaceuticals, healthcare information management and financial services.

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