Piramal Glass completes rights issue

25 Sep 2009 , 06:50 PM

Piramal Glass Limited has announced successful completion of rights issue.

PGL has raised Rs1.87bn by issuing 62.4 mn shares at a price of Rs. 30 per share including a premium of Rs. 20 per share. The issue was closed on September 09, 2009. As stated in the objectives of the issue, the proceeds from issue, net of expenses, will be utilized for reducing debt; consequentially the debt-equity ratio of the Company would improve.

Speaking on the occasion, Mr. Vijay Shah, Managing Director, Piramal Glass said, “This Rights Issue offering has improved the capital structure of the company and this will help in meeting our growth aspirations”. The lead manager for this issue was Kotak Mahindra Capital Company.