Listing of Piramal Pharma shares on the stock exchange after the split

Last week, Piramal Pharma Ltd (PPL) said it had received approval from the Securities and Exchange Board of India (Sebi) to list shares on the BSE and NSE national stock exchanges. In August this year, the National Company Law Tribunal (NCLT) approved the spin-off of the pharmaceutical business from Piramal Enterprises and the simplification of the company’s corporate structure.

As part of the split plan, the company declared four fully paid shares of PPL of ₹10 each to be issued to shareholders of PEL for each fully paid-up capital share of PEL with a par value of ₹2 each held by them. The split from PEL will firmly position PPL for the future and allow it to independently pursue its growth strategies with a clearer focus and identity, he added.

PPL includes Piramal Pharma Solutions (PPS), Piramal Critical Care (PCC) and the India Consumer Healthcare business, which sells over-the-counter products. It offers a portfolio of differentiated pharmaceutical products and services through end-to-end manufacturing capabilities in 15 global facilities and a global distribution network in 100 countries.

The company’s board had approved the spin-off of the Pharma business and the simplification of the corporate structure in October 2021.

Shares of Piramal Enterprises began trading outside of the pharmaceutical business on Tuesday, August 30, 2022. The company has set September 1 as the record date for the Piramal Pharma spin-off.

“The NCLT’s approval to spin off our pharmaceutical business and simplify the corporate structure is an important milestone. We are on track to complete the spin-off and separate listing of Piramal Pharma by the third quarter of the current fiscal year,” Ajay Piramal said according to the company’s press release.