The stock opened at Rs 1050 and hit a high of Rs 1141.75 so far during the day. PEL demerged its pharmaceutical business, Piramal Pharma (PPL), into a separate entity. PPL will list on the bourses as a separate entity by the end of the third quarter of this fiscal year. Investors will get four PPL shares for each PEL share held. The record date for the demerger has been set as 1 September 2022. The PEL stock is trading ex-demerger today (30 August) as the markets will remain shut on Wednesday (31st August) on the account Ganesh Chaturthi. However, investors buying shares today will not be eligible to receive PPL shares. Post demerger, promoters will hold a 44% stake in PEL, and 35% in PPL. Meanwhile, Carlyle will hold 20% in PPL. Piramals financial services business contributed about 52% of revenue of the company in the financial year 2021-22, whereas the remaining 48% of revenue came from the pharmaceutical business. The demerged entities will have greater focus and ability to pursue accelerated growth, resulting in likely improvement in their performance in coming years, the company said in a recent statement. Chairperson of Piramal Enterprises, Ajay Piramal said, The demerger creates of one of Indias large listed diversified NBFCs, with a loan book of nearly $9 Billion. It will have significant presence across both retail and wholesale financing, leveraging technology at its core. The pharma company will be a large listed entity in the pharmaceutical sector with revenues of nearly $1 Billion. It offers a portfolio of differentiated products and services through end-to-end manufacturing capabilities across 15 global facilities and a global distribution network of over 100 countries. Powered by Capital Market – Live News
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