Piramal Finance has completed its qualified institutional placement, securing approximately ₹2,100 crore through the allotment of equity shares to institutional investors.

The company’s Committee of Directors approved the closure of the issue on August 28, 2026, following the receipt of application forms and funds from eligible qualified institutional buyers (QIBs). The allocation was finalized in accordance with the SEBI ICDR Regulations and relevant provisions of the Companies Act, 2013.

Deal Details

The committee determined the allocation of 99,52,606 equity shares at an issue price of ₹2,110 per share. This price includes a premium of ₹2,108 per share, on top of the face value of ₹2 per equity share. The total amount raised aggregates to ₹20,99,99,98,660. The allocation formula followed Regulation 176(1) of the SEBI ICDR Regulations.

Capital Structure Update

Pursuant to the allotment, the paid-up equity share capital of the company stands increased from ₹45.34 crore, comprising 22,66,77,700 equity shares, to ₹47.33 crore, comprising 23,66,30,306 equity shares of ₹2 each.

Major Allottees

Several major institutional investors participated in the placement. The following entities were allotted more than 5% of the equity shares offered in the issue:

• Goldman Sachs Funds - Goldman Sachs India Equity Portfolio: 750,494 shares (7.54%)
• Kotak Flexicap Fund: 710,901 shares (7.14%)
• ICICI Prudential Banking and Financial Services Fund: 643,195 shares (6.46%)
• BlackRock Global Funds - India Fund: 592,418 shares (5.95%)

Regulatory Compliance

The Board’s committee also adopted the placement document dated August 28, 2026, and finalized the confirmation of allocation notes to be sent to the participating QIBs. The meeting commenced at 9:15 pm and concluded at 9:30 pm. The placement document is available on the company’s website for public reference.

Piramal Finance has scheduled an Extraordinary General Meeting (EGM) on September 19, 2026, to seek shareholder approval for a ₹1,750.03 crore warrant issuance to promoter group entity Nithyam Realty. The move aims to raise equity-linked capital to support future lending and asset growth.

The meeting will be held at 11:00 am through Video Conference or Other Audio Visual Means. The Registered Office of the Company shall be deemed to be the venue for the EGM. Members may attend and participate in the EGM only through the VC/OAVM facility, with no provision for attending in person.

Warrant issuance details

The company proposes issuing up to 82,94,000 warrants convertible into equity shares at ₹2,110 each. The allotment is structured as a preferential issue on a private placement basis.

Pricing and terms

The issue price of ₹2,110 per warrant includes a premium of ₹2,108 per equity share with a face value of ₹2. This represents a premium of approximately 1.19% over the floor price of ₹2,085.06 determined under SEBI ICDR regulations. The floor price was based on the higher of the 90-day or 10-day volume-weighted average prices preceding August 20, 2026.

The tenor of the warrants is 18 months from allotment. Nithyam Realty will pay 25% of the issue price (₹527.50 per warrant) at subscription, with the remaining 75% (₹1,582.50 per warrant) payable upon exercise. Any unconverted warrants will lapse, and the paid amount will be forfeited. The warrants do not carry voting rights until exercised into equity shares.

Use of proceeds

The company intends to utilize ₹1,700 crore towards augmenting capital for future lending requirements, assets under management growth, and maintaining capital adequacy ratios. The remaining ₹50.03 crore will be used for general corporate purposes, including strategic initiatives and business development. Proceeds not immediately utilized will be invested in scheduled commercial banks or money market instruments.

Post-issue shareholding

Upon full exercise of the warrants, Nithyam Realty’s stake will increase to 3.53% on a fully diluted basis as of August 21, 2026. The transaction is not classified as a related-party transaction under SEBI Listing Regulations, though the subscriber is a promoter group entity. There will be no change in control of the company consequent to this issue.

E-voting information

Remote e-voting will commence on Wednesday, September 16, 2026, at 9:00 am and remain open until Friday, September 18, 2026, at 5:00 pm. The cut-off date for determining eligibility to vote is Saturday, September 12, 2026. Members whose names appear in the Register of Members or List of Beneficial Owners as on this cut-off date are entitled to avail the facility of remote e-voting.

Mr. Bhaskar Upadhyay, Practicing Company Secretary, failing him Mr. Bharat Upadhyay, Practicing Company Secretary, of N L Bhatia & Associates, have been appointed as the Scrutinizer to scrutinize the process of remote e-voting and e-voting at the EGM in a fair and transparent manner. Results shall be declared within the stipulated time under applicable laws and placed on the company's website and NSDL's website.

What the Numbers Show

The warrant structure allows for phased capital infusion insulated from immediate market execution risks. By pricing the warrants at a 1.19% premium to the floor price, the company secures promoter support while minimizing immediate dilution for existing shareholders until exercise occurs within the 18-month window.