Piramal Enterprises is reportedly planning to raise up to Rs 4,000 crore by selling shares to institutional investors as the diversified company looks to fuel growth in its financial services business.
The funds will help the company to leverage its balance sheet to raise cheaper debt up to Rs 12,000 crore to lend to Indian companies. The proceeds of the qualified institutional placement will be used primarily to grow its finance business.
Piramal Enterprises is one of India’s large diversified companies, with a presence in Healthcare, Healthcare Information Management and Financial Services.