Canada pension fund Caisse de dépôt et placement du Québec (CDPQ) is looking to raise its stake in Ajay Piramal’s flagship Piramal Enterprises Ltd through a preferential allotment of shares as part of the latter’s $750 million fundraising exercise which will include a rights issue, people aware of the development told The Economic Times.
CDPQ, which currently holds 2.2% stake in Piramal Enterprises, is expected to invest through primary preferential allotment as well as participate in the rights issue, the persons said.
The capital infusion will provide much-needed succour to the company hit by concerns of exposure to weakened corporate lenders and developers that borrowed from its nonbanking financial company (NBFC), the report said.
Meanwhile, the deal to acquire Dewan Housing Finance Corporation Ltd (DHFL)’s wholesale loan portfolio of over Rs 35,000 crore by Oaktree Capital may not fructify even after months of negotiations, persons in the know told Business Standard.
“The PE firm is unlikely to budge on the deal until the resolution plan is finalised and implemented by the lenders,” a person aware of the development said. However, the lenders’ consortium, led by Union Bank of India, is hesitant to close in on the plan until it sees firm capital commitments from potential investors.
DHFL is understood to be in talks with AION Capital and Cerberus Capital to acquire stake in its retail operations.
