Piramal Enterprises rights issue over subscribed ~1.14 times

Piramal Enterprises rights issue over subscribed ~1.14 times
Piramal Enterprises Limited announced the successful completion of its Rights Issue that closed on January 21, 2020. The issue saw participation from most of its existing large institutional investors, as well as retail investors.

The issue has been over subscribed ~1.14 times.

The ~Rs3,650cr Rights Issue offered an opportunity to all its existing shareholders to participate in the capital raise.

Ajay Piramal, Chairman, Piramal Enterprises Ltd. said, “We are delighted to receive such a tremendous response from our existing shareholders towards the Rights Issue especially in this volatile market environment. The enthusiastic response by both retail and institutional shareholders is an affirmation of their confidence in the Company’s fundamentals, balance sheet and growth prospects. Through the Rights Issue, the preferential allotment to CDPQ, the stake sale in Shriram Transport and the recent sale of Decision Resources Group, the Company is far exceeding its commitment to bring in Rs8,000-10,000cr of equity in FY20. With these transactions, the Company is raising funds aggregating up to ~Rs14,500cr, which will further strengthen our balance sheet and allow us to target both organic as well as inorganic growth opportunities that the environment is offering.”

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