India: CCI approves Piramal Enterprises’ issue of CCDs to Canada’s CDPQ

Photo: Reuters

The Competition Commission of India (CCI) on Tuesday allowed Piramal Enterprises Limited to issue compulsorily convertible debentures (CCD) to Caisse de dépôt et placement du Québec. Upon conversion, the Canadian pension fund’s stake in the Ajay Piramal company will rise to 8.99% from 3.68%.

Piramal Enterprises had in October entered into an agreement with CDPQ to raise 1,750 crore via issuance of 1,15,894 CCDs, carrying a face value of 1.51 lakh each.

Each CCD will be convertible into 100 equity shares, at a conversion price of 1,510 per share and will have a term of 18 months from the date of allotment, unless converted earlier by CDPQ. The issuance price is at a 6.2% discount to Tuesday’s closing price of Piramal on the BSE. It ended the day’s session at 1,609.85, down 2.3%. Piramal’s current equity bases comprises 198.84 million shares.

The flagship listed firm of the Piramal Group of companies planned to raise 5,400 crore in all. Of this, 3,650 crore is planned to be raised via a rights issue, to be completed by February 2020.

CDPQ, an institutional investor, manages and serves more than 40 depositors, which comprises public and private pension and insurance funds in Quebec, Canada.

This article was first published on livemint.com.

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.