Piramal subsidiary sells stake in PISA to UK's Alliance Medical Acquisitionco

Piramal Enterprises today said it subsidiary has divested its entire stake in Piramal Imaging SA (PISA) to UK's Alliance Medical Acquisitionco.

"On June 25, 2018, Piramal Holdings (Suisse) SA (a wholly-owned subsidiary of Piramal Enterprises Ltd) has entered into a definitive agreement thereby divesting its entire stake in Piramal Imaging SA (PISA), its subsidiary, to Alliance Medical Acquisitionco (Alliance)" Piramal Enterprises said in a BSE filing.

The company said, total consideration for this sale is base consideration of USD 1 plus USD 1,177,682 towards working capital adjustment on completion of the sale, plus deferred consideration which would be contingent on future profits over a period not exceeding 10 years from the date of completion of the transaction.

Consequent to the divestment, Piramal Imaging and Piramal Imaging GmbH, wholly-owned subsidiaries of PISA will also become subsidiaries of Alliance and cease to be step-down subsidiaries of Piramal Enterprises, it added.

Shares of Piramal Enterprises were trading 0.46 per cent higher at Rs 2,541 on BSE.