Homefinance News

    Piramal Enterprises Rs 3,650-crore rights issue over-subscribed 1.14 times

    Piramal Enterprises Rs 3,650-crore rights issue over-subscribed 1.14 times

    Piramal Enterprises Rs 3,650-crore rights issue over-subscribed 1.14 times
    Profile image

    By PTI  IST (Updated)

    Mini

    Piramal Enterprises on Wednesday said its nearly Rs 3,650 crore rights issue that closed on Tuesday was over-subscribed around 1.14 times.

    Piramal Enterprises on Wednesday said its nearly Rs 3,650 crore rights issue that closed on Tuesday was over-subscribed around 1.14 times.
    "The issue saw participation from most of its existing large institutional investors, as well as retail investors," Piramal Enterprises said in a statement.
    The issue has been over-subscribed around 1.14 times. The Rs 3,650 crore rights issue offered an opportunity to all existing shareholders to participate in the capital raise, it added.
    "We are delighted to receive such a tremendous response from our existing shareholders towards the rights issue especially in this volatile market environment," Piramal Enterprises Chairman Ajay Piramal said.
    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, he added.
    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 Rs 8,000-10,000 crore of equity in 2019-20, Piramal said.
    "With these transactions, the company is raising funds aggregating up to around Rs 14,500 crore, 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," he added.
    Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
    arrow down

      Most Read

      Market Movers

      View All
      CompanyPriceChng%Chng