Piramal Enterprises board approves scheme for pharma biz demerger

Piramal Enterprises on Thursday said its board has approved a composite scheme of arrangement providing for the demerger of its pharmaceuticals business and simplification of the corporate structure to create two listed entities in financial services and pharmaceuticals.

The pharmaceuticals business will get demerged from Piramal Enterprises (PEL) and consolidated in Piramal Pharma, Piramal Enterprises said in a regulatory filing.

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The amalgamation of PHL Fininvest with PEL will create a listed non-banking financial services entity, it added.

The merged housing finance company, post DHFL acquisition, will remain a 100 per cent subsidiary of Piramal Enterprises, the filing said.

Shares of Piramal Enterprises were trading at Rs 2,924.45 per scrip on BSE, up 2.90 per cent from its previous close.