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Billionaire Ajay Piramal owned Piramal Enterprises will merge 3 of its subsidiaries with the parent company Piramal Enterprises Ltd. The Board of Directors of the company at its meeting held on May 05, 2014, has decided the merger of subsidiaries.
Under the scheme of amalgamation for merger, subsidiaries such as PHL Capital Private Limited, Piramal Pharmaceutical Development Services Private Limited and Oxygen Bio Research Private Limited will merge with Piramal Enterprises Ltd.
"Since all the transferor companies are step down wholly owned subsidiaries of the company, no shares are proposed to be issued pursuant to the merger. This scheme is subject to requisite approvals, including under the Listing Agreement and by the hon’ble High Courts," company said in a statement.
Piramal Pharmaceutical Development Services Private Limited, is R&D arm, working under Piramal Healthcare. Oxygen Bio Research Pvt. Ltd is a contract research organisation (CRO) working on the synthetic drug discovery programme.
Piramal Capital is one of the group's finance arm. On Monday, shares of PEL were closed at Rs 554/1, up by 1.52%.
