Piramal Enterprises’ Rs 3,631 crore rights issue oversubscribed

Piramal Enterprises has said its Rs 3,630.85 crore rights issue, which was closed on Tuesday, was oversubscribed.

“The total applications from ASBA and non-ASBA have exceeded the issue amount to eligible equity shareholders and therefore oversubscribed,” the company said in a regulatory filing.

The issue had reserved Rs 1,99.67 crore in favour of compulsorily convertible debenture (CCD) holders.


"The rights issue at Rs 1,300 per share is intended to give an opportunity to all its existing shareholders to participate in the capital raise at an attractive price," Piramal Enterprises had said in October 2019.