Piramal Enterprises planning to raise Rs 4000 crore by share sale to institutions

MUMBAI: Piramal Enterprises Ltd is planning to raise up to Rs 4,000 crore by selling its shares to institutional investors recent Media Reports suggest.

Two people aware of the development told ET that the healthcare company is planning to growth in its financial services business. The proceeds of the qualified institutional placement will be used primarily to grow its finance business

When asked about the company's plan to fund raising, the company did not respond. But the company reportedly said on its meeting on May 12 will consider approval for raising of funds by issue of equity shares, convertible securities, or any other securities, including foreign securities, by way of one or more public rights or private offerings.

Piramal Enterprises Limited is a diversified company headquartered in Mumbai, India and also a member of the Piramal Group. The company has a presence in the pharmaceutical, financial services and information management sectors. Ajay G Piramal is the Chairman of the company.

Medical Dialogues team had earlier reported that Piramal Enterprises raised Rs 105 crore in the second tranche through issue of debentures as part of its overall plan to mop up Rs 1,000 crore.

Read also: Piramal Enterprises raises Rs 105 crore via NCDs