Piramal Pharma gets SEBI nod to list shares on Indian stock exchanges
The demerger from PEL will firmly empower PPL to be future-ready and enable it to independently pursue its growth strategies with sharper focus and identity, it added.
New Delhi: Piramal Pharma has received approval from the Securities and Exchange Board of India (SEBI) to list shares on domestic stock exchanges.
Piramal Pharma, consequent to the approval granted by the National Company Law Tribunal (NCLT), has been demerged from Piramal Enterprises Ltd (PEL) as a part of the simplification of the corporate structure.
Read also: National Company Law Tribunal approves demerger of Piramal Enterprises Pharma business
Piramal Pharma Ltd (PPL) has received a letter from Sebi...the company expects that its shares will be listed on the Indian equity stock exchanges -- BSE and NSE -- next week, Piramal Pharma said in a statement.
The demerger from PEL will firmly empower PPL to be future-ready and enable it to independently pursue its growth strategies with sharper focus and identity, Piramal Pharma added.
In consideration of the demerger, shareholders of PEL have been allotted four shares of PPL for every one share in PEL, in addition to their existing holding in PEL, the company said.
Read also: Vibha Paul Rishi appointed as non-executive director to Piramal Pharma Board of Directors
Piramal Enterprises has a presence in Financial Services and Pharmaceuticals. PEL's consolidated revenues were ~US$1.7 Billion in FY2020, with around ~34% of revenues generated from outside India.
Piramal Pharma Limited (PPL), a subsidiary of PEL, offers a portfolio of differentiated products and services through end-to-end manufacturing capabilities across 14 global facilities and a global distribution network in over 100 countries. PPL includes: Pharma Solutions, an integrated contract development, and manufacturing (CDMO) business; Critical Care, a complex hospital generics business and the Consumer Healthcare business, selling over-the-counter products in India. It also has a joint venture with Allergan, a leader in ophthalmology in the Indian formulations market.
