Mumbai - Piramal Enterprises Limited (Piramal NSE: PEL, BSE: 500302) announces the successful completion of its Rights Issue that closed on January 21, 2020.
The issue saw participation from most of its existing large institutional investors, as well as retail investors. The issue has been oversubscribed 1.14 times. The INR 3,650 Crore Rights Issue offered an opportunity to all its existing shareholders to participate in the capital raise.
Ajay Piramal, Chairman, Piramal Enterprises Ltd. said, 'We are delighted to receive such a tremendous response from our existing shareholders towards the Rights Issue especially in this volatile market environment. 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.
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 INR 8,000-10,000 Crores of equity in FY2020. With these transactions, the Company is raising funds aggregating up to INR 14,500 Crores, 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.'
About Piramal Enterprises Ltd
Piramal Enterprises Limited (PEL) is one of India's large diversified companies, with a presence in Financial Services, Pharmaceuticals and Healthcare Insights & Analytics. PEL's consolidated revenues were US$1.9 billion in FY2019, with around 40% of revenues generated from outside India.
In Financial Services, Piramal Capital & Housing Finance Limited (PCHFL), a wholly-owned subsidiary of PEL, is registered as a housing finance company with the National Housing Bank (NHB) and offers a complete suite of financial products, in both wholesale and retail financing across sectors. The Group has long-standing partnerships with leading institutional investors such as CPPIB, APG and Ivanhoe Cambridge, etc. IndiaRF, the distressed asset investing platform with Bain Capital Credit, invests in equity and/or debt across sectors (except real estate). PEL also has equity investments in the Shriram Group, a leading financial conglomerate in India.
In Pharma, through end-to-end manufacturing capabilities across 13 global facilities and a large global distribution network to over 100 countries, PEL sells a portfolio of niche differentiated pharma products and provides an entire pool of pharma services (including in the areas of injectable, HPAPI etc.). The Company is also strengthening its presence in the Consumer Products segment in India.
PEL's Healthcare Insights & Analytics business is a premier provider of healthcare analytics, data & insight products and consulting services to the world's leading pharma, biotech and medical technology companies, enabling them to make informed business decisions. PEL is listed on the BSE Limited and the National Stock Exchange of India Limited in India.
Contact:
Hitesh Dhaddha
Tel: +91 22 3046 6306
Email: investor.relations@piramal.com
PIRAMAL ENTERPRISES LIMITED 
