In connection with the composite scheme of arrangement amongst the Company, Piramal Finance Limited and their respective shareholders and creditors, the Company has received an Order from ....
Awaiting price reaction for this filing.
The National Company Law Tribunal (NCLT), Mumbai Bench, has issued an order dated 26 May 2025 on the composite scheme of arrangement between Piramal Enterprises Limited (PEL, the Transferor Company) and its wholly-owned subsidiary Piramal Finance Limited (PFL, the Transferee Company). The scheme provides for the amalgamation of PEL into PFL, with PFL to be listed on BSE and NSE, after which PEL will be dissolved. The merger ratio is 1:1 — for every 1 equity share of PEL (face value Rs 2), shareholders will receive 1 equity share of PFL (face value Rs 2). The NCLT has directed that meetings of PEL's equity shareholders and secured creditors be convened within 60 days, while dispensing with meetings of PFL's shareholders and creditors due to requisite consents already obtained.
The scheme aims to consolidate the group's lending business under a single listed entity to comply with RBI regulations (PFL has been identified as an upper-layer NBFC requiring listing by 30 September 2025). Shareholders of PEL will directly own shares in the combined listed entity. The restructuring has received no-objection from BSE, NSE, and RBI, signalling strong progress, though shareholder and secured creditor approvals are still pending.