The Pharma firm Piramal Pharma has received approval from capital market regulator SEBI to raise up to Rs 1,050 crore through the rights issue of shares.

The company had filed draft papers with the regulator in March and received an observation letter on July 12. Its observation means its approval to float public issues, including IPO and rights issues.

Piramal Pharma will issue fully paid-up company shares through a rights issue to its eligible shareholders for around Rs 1,050 crore.

The proceeds from these issues will be used to pay debt and general corporate purposes.

The pharma company provides their customers with end-to-end pharma services and has a portfolio of differentiated pharma products across a domestic and global distribution network.

The company operates under three business vertices, including Piramal Critical Care, a complex hospital generics; Piramal Pharma Solutions, an integrated contract development and manufacturing organization; and business and India consumer healthcare business, selling popular over-the-counter brands such as Little’s, Lacto Calamine and I-Pill.