Piramal Life falls 91% on demerger of NCE Research unit

Piramal Lifesciences fell 91% on the boures today as it demerged NCE Research unit into Piramal Healthcare (PHL). At 14:35 hours IST, the share was trading at Rs 8.80.

The company has fixed December 26, 2011 as the record date for determining the entitlement of the shareholders of Piramal Life Sciences, to receive the equity shares of Piramal Healthcare Limited in the ratio 1:4. "Upon coming into effect of the Scheme and in consideration of the transfer and vesting of the NCE Research Unit in PHL, PHL shall issue to the shareholders of PLSL, in the ratio of one fully paid up equity share of Rs 2/- each of PHL for every four equity shares of Rs10/- each fully paid up held in PLSL."

It was trading with volumes of 1,034,761 shares, an increase of 13,666.34% as compared to its 5-day average of 7,517 shares. In the previous trading session, the share closed at Rs 100.30.