Piramal Enterprises raises Rs 1,750 crore via CCDs

New Delhi: Piramal Enterprises on Thursday said it has completed a fundraising of Rs 1,750 crore through preferential allotment of compulsory convertible debentures to Canadian institutional investor Caisse de dépôt et placement du Québec.

The compulsory conversion of CCDs into equity shares will take place within 18 months from the date of allotment, Piramal Enterprises said in a statement.

"CDPQ, the marquee global investor's long-standing partnership with Piramal Group, and its further investment in the company reaffirms the strength of our business model and long-term growth potential," Piramal Enterprises Chairman Ajay Piramal said.

This infusion of funds will strengthen "our balance sheet will enable us to tap both organic and inorganic growth opportunities that continue to emerge in the current market dynamics across the sectors," he added.