₹1,050 crore through the rights issue of shares. The pharma company submitted the draft papers in March and obtained an observation letter from SEBI on 12 July. The company said that the amount will be utilized for payment of debt and general corporate purposes.
According to the draft papers, Piramal Pharma intends to raise funds by issuing fully paid-up equity shares of the company through a rights issue. This rights issue will be exclusively offered to the existing eligible shareholders of Piramal Pharma for an amount aggregating up to ₹1,050 crore. The development came as Caisse De Depot Et Placement Du Quebec (CDPQ), a global investment group, recently sold a portion of its investment in Piramal Pharma Ltd.
Through an open market transaction, CDPQ divested 1,05,70,466 shares, which accounted for 0.89% of Piramal Pharma's stake. The shares were sold at an average price of ₹94.48 each, resulting in a total transaction size of ₹99.86 crore. Following this sale, CDPQ's ownership in Piramal Pharma decreased from 5.53 percent to 4.64 percent as of the end of March.
Piramal Pharma is a company that offers comprehensive pharmaceutical services to customers, covering various stages of the pharmaceutical product lifecycle. It maintains a diverse portfolio of distinct pharmaceutical products, catering to both domestic and international markets through an extensive distribution network. The company operates through three main business verticals, each serving different sectors of the pharmaceutical industry.
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