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Shares of Piramal Enterprises (PEL), a pure financial division entity after demerger of pharma division, closed marginally higher at ₹1,062.75 on the BSE after opening at ₹1,050. The stock (whole company) on Monday closed at ₹1,935. During the day, the stock climbed to a high of ₹1,091.
The new entity having pharmaceutical business will be listed soon.
In October 2021, PEL's board, in a bid to simplify the corporate structure, announced the demerger of its financial services and pharmaceutical businesses to create two separate listed entities. Accordingly, the financial services, including DHFL, which the company acquired last year for ₹14,700 crore, will remain under Piramal Enterprise Ltd.
New pharma entity
The pharmaceutical operations will be carved out into a separate entity called Piramal Pharma Ltd (PPL). Existing shareholders of PEL will get four shares of PPL for one share of PEL.
The demerger of the pharmaceuticals business and simplification of the corporate structure to create two industry-focused listed entities in financial services and pharmaceuticals, the company had said then.
The company has fixed September 1 as record date for issuance and allotment of four equity shares of PPL for every one share to shareholders of PEL.
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