Cyril Amarchand Mangaldas has advised Piramal Finance on its qualified institutions placement of equity shares aggregating to INR 2,100 crore. Trilegal acted as legal advisor and Linklaters Singapore as international legal counsel on the issue.
Piramal Finance allotted 99,62,606 equity shares at an issue price of INR 2,110 per share. The QIP opened on August 24 and closed on August 28, 2026.
Nomura Financial Advisory and Securities (India), Motilal Oswal Investment Advisors and JM Financial acted as the investment bankers to the issue.
The QIP saw participation from domestic and international institutional investors, including BlackRock, Goldman Sachs Asset Management and Eastspring Investments, as well as several Indian mutual funds.
Separately, Piramal Finance’s board has approved a preferential issue of warrants worth approximately INR 1,750 crore to a promoter group entity. The proposed preferential issue remains subject to shareholder, statutory and regulatory approvals. Together, the two transactions are expected to result in an equity capital infusion of approximately INR 3,850 crore.
CAM’s transaction team was led by partner and regional co-head – capital markets – west Devaki Mankad, and partner Amitpal Singh, with support from associates Niharika Payannavar, Janhavi Deshmukh, Eashaan Agrawal, Mann Agrawal, Mitali Mangalam and Riya Kumar.
Senior partner Yash Ashar provided strategic guidance.
The Linklaters Singapore team was led by partner and head of India practice Amit Singh, with support from counsel Joseph Wolpin, managing associate Anandee Banerji and associate Manish Soni.
