For Rs 875 crore, Piramal Enterprises Unit will purchase Piramal Tower from Promoter

27 Dec 2023 , 11:08 AM

For Rs 875 crore, Piramal Consumer Products Pvt. will buy the office block known as Piramal Towers, which is situated in Lower Parel, Mumbai’s Peninsula Corporate Park. According to an exchange filing made on Tuesday, Piramal Consumer and the promoter business, AASAN Corporate Solutions Pvt., would sign a deal for the acquisition of Piramal Enterprises uses some areas of the office space, but it would like to purchase more space.

For Rs 875 crore, Piramal Consumer Products Pvt. will buy the office block known as Piramal Towers, which is situated in Lower Parel, Mumbai’s Peninsula Corporate Park.

According to an exchange filing made on Tuesday, Piramal Consumer and the promoter business, AASAN Corporate Solutions Pvt., would sign a deal for the acquisition.

Piramal Enterprises uses some areas of the office space, but according to the application, it wants to expand its business operations and would like to purchase additional space as it becomes available.

In light of the transaction, Piramal Customer would consent to the following modifications:

1. Rename it as ‘Piramal Tower Pvt.’, contingent on availability.
2. Add ‘the business of acquiring, holding, letting out premises and providing various services and amenities’ to the object clause.

In addition, the financial services firm said in the filing that it had invested Rs 289.6 crore through subscription-to-rights issues in Piramal Consumer.

The corporation stated that this transaction will not alter the distribution of shares in its subsidiary unit.

The revenue for Piramal Consumer was Rs 71.3 lakh in FY21, Rs 151.3 lakh in FY22, and Rs 70.4 lakh in FY23.

Piramal Enterprises’ shares ended the day 1.31% lower at Rs 902.75 a share, while the benchmark BSE Sensex saw a 0.32% increase.

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