Bangalore: Indian company Pramal Enterprises Limited (PEL) on Thursday said it would split its pharmaceutical business and list it as a separate entity as part of a move to simplify its corporate structure.
Pramal’s pharma business will now be split and consolidated under Primal Pharma. Pramal’s shareholders will receive four shares of Pramal Pharma for each share held in the consortium.
Focusing on retail and total finance and a combined credit book of Rs 65,000 crore (8.69 billion), the company said it would merge its shadow credit unit BHL Fininvest to form a large non-bank financial institution. Filed
Ajay Pramal, Chairman, Pramal Group, said these activities will help companies to pursue their growth strategies independently with sharp focus and identity.
The separation is subject to the approval of shareholders, lenders and regulators, Pramal said.
Shares of Pramal Enterprises ended 1.6% higher on Thursday.
(This story was not edited by NDTV staff and was automatically created from Syndicate Feed.)