Piramal Enterprises gains on plans of merging 3 step-down subsidiaries

Piramal Enterprises is currently trading at Rs. 584.60, up by 30.50 points or 5.50% from its previous closing of Rs. 554.10 on the BSE. The scrip opened at Rs. 573.00 and has touched a high and low of Rs. 599.10 and Rs. 573.00 respectively. So far 48407 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 648.30 on 02-Sep-2013 and a 52 week low of Rs. 476.00 on 25-Jun-2013. Last one week high and low of the scrip stood at Rs. 588.95 and Rs. 539.00 respectively. The current market cap of the company is Rs. 10140.67 crore. The promoters holding in the company stood at 52.94%, while Institutions and Non-Institutions held 30.57% and 16.48% respectively. Piramal Enterprises has received an approval for scheme of amalgamation for merger of the step-down wholly-owned subsidiaries - PHL Capital, Piramal Pharmaceutical Development Services and Oxygen Bio Research, with itself. The board of directors at its meeting held on May 05, 2014 has approved for the same. Further, as mentioned above, 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 High Courts. Piramal Enterprises is one of India’s largest diversified companies, with a presence in pharmaceutical, financial services and healthcare information management sectors.