Piramal Pharma has acquired capital markets regulator Sebi’s go-ahead to lift as much as Rs 1,050 crore by rights issue of shares. The pharma agency, which filed draft papers with the regulator in March, obtained its statement letter on July 12, an replace with the Securities and Exchange Board of India (Sebi) confirmed on Tuesday.
In Sebi’s parlance, its observations imply its nod to drift public points, together with IPO and rights issue. Going by the draft papers, Piramal Pharma will issue absolutely paid-up fairness shares of the corporate by means of a rights issue to its current eligible shareholders for an quantity aggregating as much as Rs 1,050 crore. Proceeds of the issue will likely be utilised for cost of debt and basic company functions.
Piramal Pharma offers end-to-end pharma providers to clients and a portfolio of differentiated pharma merchandise throughout a home and world distribution community. It operates below three enterprise verticals – Piramal Pharma Solutions, an built-in contract improvement and manufacturing group (CDMO); Piramal Critical Care, a fancy hospital generics (CHG) enterprise and India shopper healthcare (ICH) enterprise, promoting well-known over-the-counter manufacturers akin to Little’s, Lacto Calamine and I-Pill.
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