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Piramal Pharma Gets SEBI's Nod for Rs 1,050 Crore Rights Issue
Piramal Pharma said that it will issue fully paid-up equity shares through a rights issue to its existing eligible shareholders.
- By Pooja Chaturvedi Sah
- New Delhi
- Jul 19, 2023
Pharma Major Piramal Pharma has received the green light from markets regulator Securities and Exchange Board of India (SEBI) to raise up to Rs 1,050 crore through rights issue of shares.
Piramal Pharma said that it will issue fully paid-up equity shares through a rights issue to its existing eligible shareholders.
The rights share issue refers to the opportunity that companies offer to their existing shareholders, allowing them to buy the additional shares directly from the firm at a discounted price without having to access the secondary market. Upon receiving this right, the shareholders can exercise it on a predetermined future date.
According to the SEBI’s website, the pharma company obtained an observation letter from SEBI on 12 July, in response to its draft submitted with the regulator in March.
SEBI's observation signifies its approval for public offerings, including initial public offerings (IPOs) and rights issues.
The company said that the capital will be utilized to repay debt and general corporate purposes.
Piramal Pharma has a portfolio of differentiated pharma products distributed across domestic and global networks. The company operates under three business verticals-- Piramal Pharma Solutions, an integrated contract development and manufacturing organization (CDMO; Piramal Critical Care which focuses on complex hospital generics (CHG), and the India Consumer Healthcare (ICH), which encompasses popular over-the-counter brands such as Little’s, Lacto Calamine, and I-Pill.