The Piramal Enterprises board has approved fundraising of up to Rs 5,400 crore. This will be done in two parts. The company will raise up to Rs 1,750 crore via preferential issue of Compulsory Convertible Debentures (CCDs) to Canadian fund CDPQ. Secondly, Piramal Enterprises will issue equity shares worth Rs 3,650 crore via rights issue at Rs 1,300/share to existing shareholders. CDPQ’s stake post CCD conversion will increase to 9.51 percent from 3.68 percent.