Piramal Enterprises Limited (PEL) on Saturday, in a regulatory filing, said that the company has fixed September 23, 2025 as the record date for its merger with Piramal Finance Limited (PFL). From this date, PEL shares will cease trading on stock exchanges.
"Shareholders of PEL on the record date will receive equity shares of PFL in a 1:1 ratio, as outlined in the merger scheme," the firm said in a statement. "All debt securities issued by PEL will also be transferred to PFL," the statement further added.
After allotment and transfer, PFL will apply for listing of its securities on stock exchanges. Trading in the new securities will begin once regulatory approvals are received. The company clarified that the development does not impact existing debt securities of PFL, which will continue trading uninterrupted.
PEL had earlier updated investors through stock exchange announcements on September 11 and September 16, 2025.
What This Means for Shareholders
Last trading day for PEL shares: September 23, 2025 (record date).
Allotment ratio: 1 PEL share = 1 PFL share.
PEL debt securities: Transferred to PFL.
Next steps: PFL will seek stock exchange approvals for listing.
Trading in new shares: To begin post regulatory approvals.
Earlier, Piramal Enterprises Limited (PEL) on September 11 had announced that its board fixed September 23, 2025 as the record date for the Composite Scheme of Arrangement after securing approval from the National Company Law Tribunal (NCLT), Mumbai Bench.
The scheme covers the merger of PEL with Piramal Finance Limited (PFL), formerly known as Piramal Capital & Housing Finance Limited, along with provisions for their respective shareholders and creditors.
The NCLT order was granted on September 10, 2025, and subsequently uploaded on the Tribunal’s website on September 11, 2025.
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