Piramal Healthcare today said its board has approved to change its name to Piramal Enterprises in order to appropriately reflect its changed business profile.
The board of the directors of the company approved the proposal to change the name of the company from Piramal Healthcare to Piramal Enterprises Ltd or such other name as maybe approved by the registrar of companies or other statutory authorities, Piramal Healthcare said in a filing to the Bombay Stock Exchange (BSE).
Until May 2010, the word 'Healthcare' in the name of the company appropriately reflected its business, it added.
"Subsequent to the sale of domestic formulations business to Abbott and sale of entire shareholding in its subsidiary company, Piramal Diagnostics Services to Super Religare Laboratories, the company has diversified into new businesses," the company said.
In order to appropriately reflect its changed business profile it is proposed to change the name of the company to 'Piramal Enterprises Ltd', it added.
The proposed change in name would be subject to approvals of the shareholders and the central government.
Shares of Piramal Healthcare today closed at Rs 469.15 on the BSE, up marginally from its previous close.
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