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India's Piramal Enterprises to demerge and list pharma business

10/07/2021 | 06:44am EST
An employee carries test tubes inside a laboratory at Piramal's Research Centre in Mumbai

BENGALURU (Reuters) -Indian conglomerate Piramal Enterprises Ltd (PEL) said on Thursday it was demerging its pharmaceutical business and listing it as a separate entity as part of a move to simplify its corporate structure.

Piramal's pharma business will now be demerged and consolidated under its unit Piramal Pharma. Shareholders of Piramal will get four shares of Piramal Pharma for every share they hold in the conglomerate.

Piramal will also merge its shadow lending unit PHL Fininvest with itself to create a large non-banking financial company, with a focus on retail and wholesale financing and a consolidated loan book of 650 billion rupees ($8.69 billion), the company said in an exchange filing https://archives.nseindia.com/corporate/PEL_07102021140017_SE_Intimation_07102021_signed.pdf.

The moves will enable the entities to independently pursue their growth strategies with sharper focus and identity, said Ajay Piramal, chairman of the Piramal Group.

The demerger is subject to approvals from shareholders, creditors and regulators, Piramal said.

Shares of Piramal Enterprises closed 1.6% higher on Thursday.

($1 = 74.7920 Indian rupees)

(Reporting by Nallur Sethuraman in Bengaluru; Editing by Krishna Chandra Eluri)

© Reuters 2021
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