Piramal Glass says its rights issue completed successfully

Piramal Glass says its rights issue completed successfully

Mumbai: Piramal Glass Limited (PGL), a leading global manufacturer of flaconnage (glass containers) for the pharmaceuticals and cosmetics and perfumery industries, on Friday announced the successful completion of its rights issue.

PGL has raised Rs187.35 crore by issuing 62.4 million shares at a price of Rs30 per share, including a premium of Rs20 per share. The issue was closed on 9 September, a press release issued here on Friday said.

As stated in the objectives of the issue, the proceeds from the issue, net of expenses, will be utilised for reducing debt.

Consequently, the debt-equity ratio of the company would improve, the release said.

Piramal Glass’ managing director, Vijay Shah, said that “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.