December 19, 2019 / 2:09 PM / a month ago

India's Piramal Enterprises raises $246 mln from Canada's CDPQ

BENGALURU, Dec 19 (Reuters) - Indian conglomerate Piramal Enterprises Ltd said on Thursday it raised 17.50 billion rupees ($246.17 million) via a preferential allotment of compulsory convertible debentures to Canada’s Caisse De Depot Et placement Du Quebec (CDPQ).

The institutional investor’s unit, Ivanhoe Cambridge, has also committed $250 million towards a co-investment platform with Piramal to provide long-term equity to residential developers.

Piramal also said it has set Dec. 31 as the record date for a rights issue, where it aims to raise 36.50 billion rupees and underwriting 90% of the issuance. ($1 = 71.0900 Indian rupees) (Reporting by Nallur Sethuraman in Bengaluru; editing by Uttaresh.V)

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