Piramal Finance Shares Slip After ₹1,750 Crore Preferential Issue

Piramal Finance plans to raise money by offering special securities called warrants.

The company’s board approved this plan.

Up to 82.94 lakh warrants will be issued to a promoter entity.

Each warrant can later be exchanged for one fully paid-up company share.

Each warrant will cost ₹2,110.

Of that amount, ₹2,108 is treated as a premium above the ₹2 face value of the share.

The entire issue could bring in up to ₹1,750.03 crore.

Piramal Finance shares fell after the announcement.