Piramal will have to raise Rs 3,033 crore to meet financial commitments

Group holds 20% in unlisted Shriram Capital and another 10% in Shriram City Union

The Piramal group will have to raise Rs 3,033 crore by March next year to meet its financial commitments at a time when ICRA, a Moody’s affiliate, has downgraded group firms AASAN Corporate Solutions  and Piramal Realty.

The group needs to pay AASAN Corporate Solutions’ debt of Rs 1,350 crore and Rs 1,683 crore as its contribution for the rights issue announced for Piramal Enterprises Ltd (PEL).

On October 26, group Chairman Ajay Piramal said he would underwrite the entire Rs 3,650-crore rights issue. 

Apart from the rights issue, PEL is raising Rs 1,750 crore by making a preferential allotment