Board of Piramal Enterprises approves composite scheme of arrangement

At meeting held on 07 October 2021

The Board of Piramal Enterprises (PEL or Company), at their meeting held today on 07 October 2021, has inter alia, approved the composite Scheme of Arrangement under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013 and rules made thereunder between PEL, Piramal Pharma (PPL), Convergence Chemicals (CCPL), Hemmo Pharmaceuticals (HPPL), PHL Fininvest (PFPL) and their respective shareholders and creditors (Scheme).

The scheme provides for the following:

1- the transfer by way of demerger of the Demerged Undertaking (as set out in the Scheme)from PEL to PPL, a subsidiary of PEL, and the consequent issue of equity shares to shareholders of PEL by PPL per the Share Entitlement Ratio (as set out in the Scheme) (Demerger).

2 - the amalgamation of CCPL and HPPL (both being wholly owned subsidiaries of PPL) into PPL (Pharma Amalgamations).

3 - the amalgamation of PFPL (a wholly owned subsidiary of PEL) into PEL (FS Amalgamation).

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