You are here: Home » PTI Stories » National » News
Business Standard

Piramal Enterprises receives USD 900 mn on closing sale of DRG business

Business Finance

Press Trust of India  |  New Delhi 

Piramal Enterprises on Monday said it has received USD 900 million (around Rs 6,500 crore) on completion of divestment of stake in its healthcare insights and analytics business to US-headquartered Clarivate Analytics.

The company in January this year announced an agreement for sale of its Decision Resources Group (DRG) business to Clarivate Analytics for USD 950 million, and had said it would use the money to reduce debt and to explore organic and inorganic growth opportunities.

PEL DRG Dutch HoldCo BV, a 100 per cent subsidiary of Piramal Enterprises Ltd (PEL) and the holding company for DRG, had signed the definitive agreement for sale of DRG business.

"... the transaction has closed on February 28, 2020, and the company has received the consideration amount of USD 900 million pursuant to the closing. The remaining USD 50 million would be received at the end of 12 months from the closing as per the agreed terms," Piramal Enterprises said in a filing to BSE

Shares of Piramal Enterprises were trading at Rs 1,419.85 per scrip on BSE, up 8.61 per cent from their previous close.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Mon, March 02 2020. 13:52 IST