NEW DELHI: The National Company Law Tribunal (NCLT) had on August 12 approved the demerger of Piramal Enterprises Ltd (PEL).
The long awaited demerger of Piramal Enterprises's pharma and financial services arm is all set to take place on September 1.
After demerger, the company plans to have two separate listed entities -- PEL, a non-banking financial company and Piramal Pharma Ltd (PPL), the company had said in a regulatory filing.
Here is all you need to know:
* Last October, the PEL board approved the demerger of the pharma business and simplification of the corporate structure.
* The company has already obtained approvals from RBI, Sebi, stock exchanges, creditors and equity shareholders.
* In July, PEL said it received RBI approval for the NBFC licence.
* As an NBFC, PEL will have a loan book of nearly $9 billion.
* The pharma firm will be a significant player with revenues of nearly $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.
(With inputs from agencies)
