Piramal Pharma surges on getting Sebi`s nod to raise up to Rs 1,050 crore through rights issue of shares
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Piramal Pharma is currently trading at Rs. 101.17, up by 0.87 points or 0.87% from its previous closing of Rs. 100.30 on the BSE.
The scrip opened at Rs. 101.10 and has touched a high and low of Rs. 102.50 and Rs. 99.62 respectively. So far 537161 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 201.80 on 19-Oct-2022 and a 52 week low of Rs. 63.13 on 28-Mar-2023.
Last one week high and low of the scrip stood at Rs. 103.44 and Rs. 91.32 respectively. The current market cap of the company is Rs. 12094.28 crore.
The promoters holding in the company stood at 34.79%, while Institutions and Non-Institutions held 40.50% and 24.71% respectively.
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. 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.
