Piramal Pharma get nod for Rs1,050-cr rights issue

New Delhi: Piramal Pharma has received capital markets regulator Sebi’s go-ahead to raise up to Rs1,050 crore through rights issue of shares. The pharma firm, which filed draft papers with the regulator in March, obtained its observation letter on July 12, an update with the Securities and Exchange Board of India (Sebi) showed on Tuesday. In Sebi’s parlance, its observations mean its nod to float public issues, including IPO and rights issue. Going by the draft papers, Piramal Pharma will issue fully paid-up equity shares of the company by way of a rights issue to its existing eligible shareholders for an amount aggregating up to Rs1,050 crore.