Piramal Enterprises raises Rs 5,400 cr via rights, preferential allotment

Promoters to participate in rights issue of equity shares of Rs 3,650 cr; preferential allotment of Rs 1,750 cr CCDs to Canadian investor CDPQ

Piramal Enterprises Limited (PEL) said that its Board, at its meeting held today, has approved fresh capital raise of Rs 5,400 crore through a rights issue and preferential allotment of compulsory convertible debentures (CCDs).  

The rights issue of Rs 3,650 crore, at Rs 1,300 per share, is intended to give an opportunity to all existing shareholders to participate in the capital raised at an attractive price, according to Ajay Piramal, Chairman, PEL. He added that the promoters will participate in and are committed to the success of the rights issue.

In addition, the company plans to raise Rs 1,750 crore through the