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  • Piramal Pharma gets...

Piramal Pharma gets SEBI go ahead to raise up to Rs 1050 crore through rights issue

Ruchika SharmaWritten by Ruchika Sharma Published On 18 July 2023 10:00 AM  |  Updated On 18 July 2023 10:00 AM
Piramal Pharma gets SEBI go ahead to raise up to Rs 1050 crore through rights issue
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Proceeds of the issue will be utilised for payment of debt and general corporate purposes.

New Delhi: Piramal Pharma has received capital markets regulator Sebi's go-ahead to raise up to Rs 1,050 crore through rights issue of shares.

The pharma firm, which filed draft papers with the regulator in March, obtained its observation letter on July 12, an update with the Securities and Exchange Board of India (Sebi) showed on Tuesday.

In Sebi's parlance, its observations mean its nod to float public issues, including IPO and rights issue.

Going by the draft papers, Piramal Pharma will issue fully paid-up equity shares of the company by way of a rights issue to its existing eligible shareholders for an amount aggregating up to Rs 1,050 crore.

Proceeds of the issue will be utilised for payment of debt and general corporate purposes.

Piramal Pharma provides end-to-end pharma services to customers and a portfolio of differentiated pharma products across a domestic and global distribution network.

It operates under three business verticals - Piramal Pharma Solutions, an integrated contract development and manufacturing organization (CDMO); Piramal Critical Care, a complex hospital generics (CHG) business and India consumer healthcare (ICH) business, selling well-known over the counter brands such as Little's, Lacto Calamine and I-Pill.

Read also: CDPQ divests 0.89 percent stake in Piramal Pharma for Rs 100 crore




piramal pharmapiramal pharma newsSEBI
Source : PTI
Ruchika Sharma
Ruchika Sharma

    Ruchika Sharma joined Medical Dialogue as an Correspondent for the Business Section in 2019. She covers all the updates in the Pharmaceutical field, Policy, Insurance, Business Healthcare, Medical News, Health News, Pharma News, Healthcare and Investment. She has completed her B.Com from Delhi University and then pursued postgraduation in M.Com. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751

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