homebusiness Newscompanies NewsPiramal Enterprises to be listed as two entities by December, says Ajay Piramal
Piramal Enterprises to be listed as two entities by December, says Ajay Piramal
Speaking in an exclusive interview with CNBC-TV18 after the announcement from NCLT, Ajay Piramal, Chairman of Piramal Group said that the company expects to have two listed entities by the end of 2022.
After obtaining the National Company Law Tribunal's (NCLT) approval for the demerger of its pharmaceutical business and simplification of its corporate structure, Piramal Enterprises Limited (PEL) will be listed as two stocks – PEL in finance and Piramal Pharma Limited (PPL) in pharma.
Speaking in an exclusive interview with CNBC-TV18 after the announcement, Ajay Piramal, Chairman of Piramal Group said that the company expects to have two listed entities by the end of 2022.
“We expect that in the Q3 of this year we will have two listed entities. The process is now that the committee of directors will meet to finalise the record date and once the record date is there, the procedures will start for the demerger of both the companies on the stock exchange and listing on them,” he said.
Talking about the finance vertical, Piramal said, “We are changing our wholesale loan book mix. So you will find for some time that there could be a reduction in the wholesale loan book because we are making the existing loan book become more granular.”
“We are creating a whole new wholesale book which we call wholesale 2.0 for real estate, which will be more granular loans, which will be more diversified in terms of many more developers, not only the large cities, but across all of India,” he added.
According to him, fintech will have to collaborate with non-banking financial companies (NBFCs) going ahead.
“We have also tied up with several fintech companies and now with all the regulations coming in, they will have to now collaborate more with NBFCs which have the resources and network. So, we will be growing that as well,” said Piramal.
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 a face value of Rs 2 each held by them.
For more details, watch the accompanying video
(Edited by : Abhishek Jha)
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Fight of heavyweights in Sambalpur where farmers, weavers hold the key
May 17, 2024 12:25 PM
Odisha: Fight of heavyweights in Sambalpur where farmers, weavers hold the key
May 17, 2024 10:22 AM
Lok Sabha Election 2024: What rural Delhi wants
May 16, 2024 10:10 PM
Over 50 onion farmers detained in Nashik ahead of PM Modi's visit
May 16, 2024 11:14 AM