India: Piramal Enterprises plans to raise about $1b via QIP, rights issue

Piramal Group chairman Ajay Piramal. Photo: Aniruddha Chowdhury/Mint

Piramal Enterprises Ltd (PEL) plans to raise about Rs7,000 crore through a qualified institutional placement (QIP) and rights issue by the end of March, the firm said on Wednesday. It will be utilizing the proceeds mainly to strengthen its financial services business.

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