Piramal Enterprises raises Rs 1,750 cr from CDPQ

Piramal Enterprises Ltd on Thursday said it has raised nearly Rs 1,750 crore through preferential allotment of  compulsorily convertible debentures (CCDs) from Canada-based institutional investor Caisse de depot et placement du Quebec (CDPQ).

"The Administrative Committee of the Board of Directors of the company at its meeting has considered and allotted 1,15,894 CCDs of face value of Rs 1,51,000 per CCD, at par, bearing a coupon of 9.28 per cent per annum, to the investor (CDPQ), an existing public shareholder of the company, for an aggregate consideration of Rs 1,749,99,94,000," the company said in a regulatory filing.

The company had in November informed the exchanges of the execution of the Securities Subscription Agreement with Caisse de depot et placement du Quebec.

Compulsory Convertible Debenture is a type of debenture in which the whole value of the debenture must be converted into equity by a specified time.