News | July 19, 2023
SEBI approves Piramal Pharma’s Rs 1,050-crore rights issue
Piramal Pharma plans to offer fully paid-up equity shares through a rights issue to its existing eligible shareholders
Piramal Pharma plans to offer fully paid-up equity shares through a rights issue to its existing eligible shareholders
The detailed terms in relation to the Rights Issue, including but not limited to the issue price, rights entitlement ratio, record date, timing and terms of payment will be determined in due course.
The issue with a face value of Rs 10 per equity share consists of a fresh issue of equity shares worth up to Rs 400 crore
The company will not receive any proceeds from the offer as all of it will go to the promoter selling shareholder.
The company is one of the most profitable companies manufacturing speciality chemicals in India
The companies plan to use the proceeds to retire debt and expand operations
The company operates four mid-sized hospitals with a total bed capacity of 556 in eastern India
Its store network grew from 144 stores in March 2019 to 236 stores. It has a presence in 23 cities across Maharashtra, Goa and Karnataka, employing more than 4,600 people.
The issue will consist of the issuance of fresh equity shares worth up to Rs 331.60 crore and an offer for sale (OFS) of Rs 500 crore by promoters and existing shareholders
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In FY21, the company reported a net profit of Rs 419 crores compared to Rs 101 crores in FY 20 and consolidated total income at Rs 6092 crores, up 19% Y-o-Y
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