With Piramal Enterprises Ltd (PEL) demerging its pharma business, shares of Piramal Pharma made their stock market debut by listing on the exchanges on Wednesday, October, 19, 2022 at ₹201.8 apiece on the BSE and the pharma stock started trading at ₹200 per share on the NSE.
Last week, Piramal Pharma Ltd (PPL) said that it has received an approval from the Securities and Exchange Board of India (Sebi) to list shares on domestic stock exchanges BSE and NSE. In August this year, the National Company Law Tribunal (NCLT) approved the demerger of Piramal Enterprises’ Pharma business and the simplification of the company’s corporate structure.
Under the demerger scheme, the company said four fully paid-up equity shares of PPL of ₹10 each to be issued to PEL shareholders for every one fully paid-up equity share in PEL with face value of ₹2 each held by them. 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.
PPL includes Piramal Pharma Solutions (PPS), Piramal Critical Care (PCC) and the India Consumer Healthcare business, which sells over-the-counter products. It offers a portfolio of differentiated pharma products and services through end-to-end manufacturing capabilities across 15 global facilities and a global distribution network over 100 countries.
The board of the company had approved the demerger of the Pharma business and the simplification of the corporate structure in October 2021.
Piramal Enterprises shares started trading ex-pharma business on Tuesday, 30 August, 2022. The company fixed September 1, as the record date for the demerger of Piramal Pharma.
“The approval from the 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 demerger and separate listing of Piramal Pharma by the third quarter of the current financial year," said Ajay Piramal according to the company's press release.
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First Published:
19 Oct 2022, 10:02 AM IST
Business NewsMarketsStock MarketsPiramal Pharma shares list on stock exchanges after demerger
