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Informist, Monday, Aug. 24, 2026

 

--Piramal Finance to raise up to INR 17.50 bln via preferential issue 

 

MUMBAI – Piramal Finance Ltd.'s board Monday approved the issuance of up to INR 17.5 billion worth of convertible warrants through preferential issue on a private placement basis to promoter entity Nithyam Realty Pvt. Ltd. The warrants, to be issued at INR 2,110 apiece, will be valid for 18 months from the date of allotment. Any warrants not converted into equity shares within this time will lapse, according to an exchange filing. After the preferential issue, Nithyam Realty's equity stake in the company on a fully diluted basis will rise to 3.53% from nil as of Aug. 21.

 

Additionally, the board has also approved and executed an investment agreement which sets out the terms for the preferential issue of warrants to Nithyam Realty. The company will hold an extraordinary general meeting on Sept. 19 to attain shareholders' approval for the preferential issue.   

 

For the June quarter, Piramal Finance had reported consolidated net profit of INR 4.6 billion on revenues of INR 33.7 billion. At 1115 IST, its shares traded at INR 2,134 apiece on the National Stock Exchange, down over 2% from Friday.  End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Reported by Janwee Prajapati

Edited by Shubhayan Bhattacharya

 

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