National Company Law Tribunal approves demerger of Piramal Enterprises Pharma business
Mumbai: The Hon'ble National Company Law Tribunal has approved the demerger of Piramal Enterprises' (PEL) Pharma business and the simplification of the company's corporate structure.
The Order now paves the way towards creation of two separate listed entities viz. Piramal Enterprises Limited (NBFC) and Piramal Pharma Limited. The Board had approved the demerger of the Pharma business and the simplification of the corporate structure in October 2021.
Subsequently, in connection with the composite scheme of arrangement, the Company has obtained consent from RBI, SEBI, Stock Exchanges, and clearances from its creditors and equity shareholders.
In July 2022, PEL also received the RBI approval for the NBFC license for PEL. The demerged entities will have greater focus and ability to pursue accelerated growth, resulting in likely improvement in their performance in coming years. In consideration of the demerger, shareholders of PEL will get 4 (four) shares of PPL for every 1 (one) share in PEL, in addition to their existing holding in PEL.
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