Nicholas Piramal to raise $1.5 billion

Source: PTI

April 25, 2006 18:59 IST

In order to fund potential acquisitions, Nicholas Piramal India Ltd will raise $1.5 billion through issue of securities in domestic and international markets.

The board approved the raising of funds subject to shareholders approval to be sought through postal ballot, the company informed the Bombay Stock Exchange.

The board also recommended a dividends of 6 per cent on 15 lakh non-cumulative redeemable preference shares of Rs 100 each, 5 per cent on 15 lakh cumulative redeemable preference shares of Rs 100 each and 5 per cent on 2.33 crore CRPS of Rs 10 each, it said.