Intimation of Receipt of Order passed by the Hon''ble NCLT, Mumbai Bench, approving the Composite Scheme of Arrangement amongst Piramal Enterprises Limited, Piramal Finance Limited (Formerly ....
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The NCLT Mumbai Bench has approved the merger of Piramal Enterprises Limited (PEL) into its wholly-owned subsidiary Piramal Finance Limited (PFL, formerly Piramal Capital & Housing Finance Ltd). The order was pronounced on 10 September 2025 and uploaded the next day, completing all regulatory approvals. Under the scheme, PEL shareholders will receive equity shares of PFL in exchange for their PEL shares, and PEL's non-convertible debentures and commercial papers will be transferred to PFL. The Board has fixed 23 September 2025 as the Record Date for determining eligible shareholders and security holders. The appointed date for the merger is 1 April 2024. The merger is driven by RBI rules prohibiting two NBFC-ICCs in the same group and the requirement that PFL (an upper-layer NBFC) be listed by 30 September 2025. PFL represents about 79.9% of combined interest income and 77.2% of AUM of the merged businesses. PEL will be dissolved without winding up once the scheme is effective.
PEL shareholders will receive shares in Piramal Finance Ltd (PFL), which will become the surviving listed entity housing the entire lending business. PEL's equity shares are expected to be delisted as part of the process. Investors should note the 23 September 2025 record date to receive PFL shares in exchange for PEL holdings.