Piramal Enterprises has received an approval for scheme of amalgamation for merger of the step-down wholly-owned subsidiaries - PHL Capital, Piramal Pharmaceutical Development Services and Oxygen Bio Research, with itself. The board of directors at its meeting held on May 05, 2014 has approved for the same.
Further, as mentioned above, since all the transferor companies are step down wholly owned subsidiaries of the company, no shares are proposed to be issued pursuant to the merger. This scheme is subject to requisite approvals, including under the Listing Agreement and by the High Courts.
Piramal Enterprises is one of India’s largest diversified companies, with a presence in pharmaceutical, financial services and healthcare information management sectors.
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