Piramal Enterprises shares climb 5.5 pc as co sells DRG business

Shares of Piramal Enterprises on Friday climbed 5.5 per cent after the company said it has signed an agreement for the sale of its Decision Resources Group (DRG) business to US-headquartered Clarivate Analytics for USD 950 million (over Rs 6,745 crore).

Shares of the Ajay Piramal-led firm jumped 5.18 per cent to close at Rs 1,627.05 on the BSE. During the trade, it advanced 6.98 per cent to Rs 1,655.

On the NSE, it rose 5.51 per cent to close at Rs 1,632.10.

The transaction is expected to be completed by end of February 2020, Piramal Enterprises (PEL) said in a statement.

PEL DRG Dutch HoldCo BV, a 100 per cent subsidiary of the company and the holding company for DRG, has signed a definitive agreement for the sale of DRG to Clarivate Analytics for a consideration of USD 950 million, it added.

This includes USD 900 million on closing and USD 50 million to be received at the end of 12 months from the date of closing, Piramal Enterprises said.