 "Piramal group")
Piramal Enterprises Ltd (PEL) on Friday said the National Company Law Tribunal has approved the demerger of its pharmaceutical business and simplification of corporate structure.
With this, the company can now go ahead with its plans to have two separate listed entities -- PEL, a non-banking financial company and Piramal Pharma Ltd (PPL), the company said in a regulatory filing.
"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," PEL Chairperson Ajay Piramal said.
Last October, the PEL board approved the demerger of the pharma business and simplification of the corporate structure.
It has already obtained approvals from RBI, SEBI, stock exchanges, creditors and equity shareholders.
PEL said in July this year it had also received RBI approval for the NBFC licence. Subsequent to the demerger, PEL said it as an NBFC will have a loan book of nearly USD 9 billion, while the pharma firm will be a significant player with revenues of nearly USD 1 billion.
Under the demerger scheme, four fully paid-up equity shares of PPL of Rs 10 each would be issued to PEL shareholders for every one fully paid-up equity share in PEL with face value of Rs 2 each held by them.
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