Last week, Piramal Pharma said that it has received an approval from the Securities and Exchange Board of India (Sebi) to list shares on the stock exchange
Shares of Piramal Pharma (PPL) were listed on stock exchanges on Wednesday after a demerger from Piramal Enterprises (PEL).
The shares were listed at Rs 201.8 apiece on the BSE, while on the NSE trading started at Rs 200 per share.
Last week, Piramal Pharma said that it has received an approval from the Securities and Exchange Board of India (Sebi) to list shares on the stock exchange.
NCLT had approved the demerger of Piramal Enterprises’ Pharma business in August.
As part of the demerger scheme, four full paid-up equity shares of PPL of Rs 10 each to be issued to PEL shareholders for every one fully paid-up equity share in PEL with a face value of Rs 2 each held by them.
The demerger from PEL will firmly empower PPL to be future ready and enable it to independently pursue its growth strategies with sharper focus and identity, the company said.
The board of the company had approved the demerger of the Pharma business and the simplification of the corporate structure in October 2021.
Piramal Enterprises shares started trading ex-pharma business on Tuesday, 30 August, 2022. The company fixed September 1, as the record date for the demerger of Piramal Pharma.