[ad_1]
The National Company Law Tribunal (NCLT) on Friday 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 the 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 our 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.
Chairperson of Piramal Enterprises Ltd, Ajay Pirama,l said, “The approval from the Honourable NCLT on the demerger of our Pharma business and the simplification of the corporate structure is a significant milestone. We are on track to achieve the completion of the demerger and separate listing of Piramal Pharma by the third quarter of the current financial year. The demerger creates one of India’s largest listed diversified NBFCs, with a loan book of nearly $9 Billion. It will have a significant presence across both retail and wholesale financing, leveraging technology at its core. The pharma company will be a large listed entity in the pharmaceutical sector with revenues of nearly $1 Billion. It offers a portfolio of differentiated products and services through end-to-end manufacturing capabilities across 15 global facilities and a global distribution network of over 100 countries.”
[ad_2]
Source link
