Piramal Finance raising ₹3,850 cr, board approves Nithyam Realty warrants
Piramal Finance just kicked off a plan to raise a whopping ₹3,850 crore.
They're doing this through a qualified institutional placement (QIP) and a preferential issue of warrants worth up to ₹1,750.03 crore to promoter group entity Nithyam Realty Private Limited.
The Committee of Directors gave the green light for the QIP on August 24, and the board separately approved a preferential issue of warrants to promoter group entity Nithyam Realty Private Limited on the same day, while shareholders backed the fundraising/QIP via postal ballot earlier this month.
Piramal QIP floor ₹2,102.65, 99L-1.05cr shares
For the QIP, Piramal will set a floor price of ₹2,102.65 each, about 99 lakh to 1.05 crore shares in total.
Alongside that, they've approved a preferential issue for Nithyam Realty (their promoter group), selling up to 82.94 lakh warrants at ₹2,110 apiece.
These warrants can later turn into shares once all approvals are sorted out.
Altogether, these moves aim to boost their growth and financial strength in a big way.