Companies

Piramal arm sells stake in PISA to Alliance Medical

PTI New Delhi | Updated on June 26, 2018 Published on June 26, 2018

Ajay Piramal, Chairman, Piramal Enterprises.

Piramal Enterprises’ subsidiary has divested its entire stake in Piramal Imaging SA (PISA) to UK’s Alliance Medical Acquisitionco.

“On June 25, 2018, Piramal Holdings (Suisse) SA (a wholly-owned subsidiary of Piramal Enterprises Ltd) has entered into a definitive agreement thereby divesting its entire stake in Piramal Imaging SA (PISA), its subsidiary, to Alliance Medical Acquisitionco (Alliance)” Piramal Enterprises said in a BSE filing today.

The company said that the total consideration for this sale is base consideration of $1 plus $1,177,682 towards working capital adjustment on completion of the sale, plus deferred consideration which would be contingent on future profits over a period not exceeding 10 years from the date of completion of the transaction.

Consequent to the divestment, Piramal Imaging and Piramal Imaging GmbH, wholly-owned subsidiaries of PISA will also become subsidiaries of Alliance and cease to be step-down subsidiaries of Piramal Enterprises, it added.

Shares of Piramal Enterprises were trading up by 0.5 per cent at Rs 2,540 on the BSE.

Published on June 26, 2018
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