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Piramal announces demerger and simplification of corporate structure

BSE Disclosure  

The Board of Directors of Piramal Enterprises Limited (PEL) today approved the demerger of the pharmaceuticals business and simplification of the corporate structure. The pharmaceuticals business will get vertically demerged from Piramal Enterprises Limited and consolidated under Piramal Pharma Limited (PPL). Shareholders of PEL will get 4 (four) shares of PPL for every 1 (one) share in PEL, in addition to their existing holding in PEL. Two operating subsidiaries (wholly-owned by Piramal Pharma Limited) will also be amalgamated with Piramal Pharma Ltd, to further simplify the Pharma corporate structure. PHL Fininvest Private Limited, the non-banking financial company (NBFC) will be amalgamated with Piramal Enterprises Limited to create a large listed NBFC. The merged Housing Finance company, post the DHFL acquisition, will remain a wholly-owned subsidiary of Piramal Enterprises Limited.