December 19, 2019 / 2:13 PM / 3 months ago

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

FILE PHOTO: The Caisse de depot et placement du Quebec (CDP) building is seen in Montreal, February 26, 2014. REUTERS/Christinne Muschi

BENGALURU (Reuters) - Indian conglomerate Piramal Enterprises Ltd (PIRA.NS) 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 toward 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.

Reporting by Nallur Sethuraman in Bengaluru; editing by Uttaresh.V

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