Anand Piramal to become chairman of Piramal Finance after merger

Anand Piramal will chair Piramal Finance with Jairam Sridharan as MD and CEO after NCLT approves merger with Piramal Enterprises, effective from the record date

Following the National Company Law Tribunal’s approval of the merger of Piramal Enterprises with its wholly owned subsidiary Piramal Finance, Anand Piramal will be the chairman of the merged entity and Jairam Sridharan the managing director and chief executive officer, the non-banking finance company said on Wednesday. Sridharan was previously the MD of Piramal Finance.

 

As part of the merger process, September 23 has been designated as the record date for the allotment of shares. From this date, trading in Piramal Enterprises shares will be discontinued. Shareholders whose names appear in the register on the record date will receive equity shares of Piramal Finance in a 1:1 ratio.

 

“Ajay Piramal will continue to chair the Piramal Group (comprising Piramal Finance, Piramal Pharma, Piramal Realty and Piramal Foundation), providing strategic vision and oversight across businesses. Swati Piramal will continue to serve as vice-chairperson of the Group,” the company said.