New Delhi, November 7
The listing ceremony of Piramal Finance on the National Stock Exchange (NSE) in Mumbai drew prominent faces from India's business community, including Nita M. Ambani, Founder-Chairperson of the Reliance Foundation, daughter-in-law Radhika Merchant, and Shloka Mehta.
They were joined by Anand Piramal, Executive Director of the Piramal Group, along with his wife Isha Ambani and their children Aadiya and Krishna, to mark the company's milestone moment on the bourse.
Piramal Finance shares are listed at a 12 per cent premium at Rs 1,260 on the NSE, following the merger with Piramal Enterprises.
Piramal Enterprises Limited (PEL) completed its merger with Piramal Finance Limited (PFL), earlier known as Piramal Capital & Housing Finance Limited. The merger creates a unified financial services company under the Piramal brand, combining its lending and investment businesses into one platform.
According to the company's statement on the stock exchanges in September, Piramal Enterprises Limited (PEL) had successfully completed its merger with Piramal Finance Limited (PFL), formerly known as Piramal Capital & Housing Finance Limited.
NCLT on September 10 approved the merger of Piramal Enterprises with its wholly-owned subsidiary, Piramal Finance. As part of the merger process, September 23 had been fixed as the record date for the allotment of shares. From that date, trading in PEL securities ceased. Shareholders of PEL, on the record date, received equity shares of Piramal Finance in a 1:1 ratio.
"For the benefit of our investors, we wish to reiterate that from the record date, the securities of PEL will stop trading. Shareholders of PEL whose names appear in the register of members on the record date will be allotted equity shares of PFL in the ratio of 1:1 as envisaged in the scheme of merger and other debt securities of PEL will be transferred to PFL," the company said in a filing to the stock markets.
In addition to the share allotment, PEL's debt securities would also be transferred to Piramal Finance. "All debt securities issued by PEL will also be transferred to PFL," the company said. Following this, Piramal Finance initiated the process of applying for listing its securities on the stock exchanges.
Importantly, the existing debt securities of Piramal Finance would continue to trade without any change, ensuring continuity for bondholders.
The merger aimed to streamline operations and enhance financial services offerings under a unified platform, reinforcing Piramal's position in the Indian financial sector.
- ANI
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