Piramal Pharma rights issue at Rs 81 a share, opens August 8

The record date for determining the shareholders eligible for the rights issue is August 2. The issue will close on August 16

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Piramal Pharma‘s board of directors has approved a price of Rs 81 a share for its Rs 1,050-crore rights issue, which will open from August 8 to August 16.

In a post-market-hour regulatory filing on July 27, the company said its board approved the issue size at 129,629,630 fully paid-up equity shares of face value Rs 10 each for an amount aggregating up to Rs 1,050 crore.

The record date for determining the shareholders eligible for the rights issue is August 2.

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A rights issue is issuance of shares or convertible securities by a company to its shareholders. Companies often take this route to raise funds for various purposes.

The rights entitlement ratio has been fixed at 5:46 — five rights equity shares for every 46 shares held by an eligible shareholder.

Assuming full subscription, the company’s outstanding equity shares will increase from 1,19,33,18,500 to 1,32,29,48,130 fully-paid equity shares after the issue.

Other terms of the rights issue (including fractional and zero entitlements), will be included in the Letter of Offer to be filed by the company with Securities and Exchange Board of India (SEBI), BSE and NSE, it added.

Also read: CDPQ pares 0.89% stake in Piramal Pharma for Rs 100 crore

Piramal Pharma’s board approved the rights issue in February. The company submitted the draft papers with the regulator in March and obtained an observation letter on July 12.

SEBI’s observation signifies its approval for public offerings, including initial public offerings (IPOs) and rights issues.

According to the draft papers, the proceeds will be utilised for payment of debt and general corporate purposes.

At 9.47 am, the share was trading at Rs 105.82 on the BSE, down 2.43 percent from the previous close.

The stock is down 14 percent this year, while the one-year return is at – 45 percent.

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