Piramal Enterprises Share Rises.
The stock of Piramal Enterprises has increased by 2% after the Pharma Business was demerged.
The stock of Piramal Enterprises jumped over 2% in early trading on October 8 after the company announced the demerger of its pharmaceuticals division.
"On October 7, Piramal Enterprises' board of directors approved a composite scheme of arrangement providing for the demerger of Piramal Enterprises' pharmaceuticals business and the simplification of the corporate structure to create two industry-focused listed entities in financial services and pharmaceuticals," the company said in a statement.
Piramal Enterprises has grown exponentially over the years, with diverse businesses operating under a single listed holding company structure. In line with our stated strategy, the Board of Directors today approved the demerger and simplification of our corporate structure, resulting in two independent listed entities in Financial Services and Pharmaceuticals, each with a leadership position in the business segments in which they operate," said Ajay Piramal, Chairman of Piramal Group.
"It will firmly empower both entities to be future-ready and allow them to pursue their growth strategies independently with sharper focus and identity," he added.
