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Piramal Enterprises to demerge and list pharma business

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The pharma business of Piramal will now be separated and consolidated under its unit Piramal Pharma.

Bangalore: Indian conglomerate Piramal Enterprises Ltd (PEL) on Thursday said it is demerging its pharmaceutical business and listing it as a separate entity to simplify its corporate structure.

The pharma business of Piramal will now be separated and consolidated under its unit Piramal Pharma. The shareholders of Piramal will get four shares of Piramal Pharma for each share they hold in the group.

Piramal will merge with itself its shadow lending arm PHL Fininvest to form a larger non-banking financial company with a focus on retail and wholesale financing and a consolidated loan book of Rs 65,000 crore ($8.69 billion), the company said in an exchange. will merge. filing.

Ajay Piramal, Chairman, Piramal Group, said the move would enable entities to independently pursue their growth strategies with sharp focus and identity.

Piramal said the demerger is subject to the approval of shareholders, creditors and regulators.

Shares of Piramal Enterprises closed with a gain of 1.6% on Thursday.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

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