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Last Updated : Jan 17, 2020 02:59 PM IST | Source: Moneycontrol.com

Piramal Enterprises share price rises 7% on stake sale move

The proposed transaction is expected to be completed on or before February 28.

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Piramal Enterprises share price rose 7 percent intraday on January 17 after the board approved selling of stake in the healthcare insights and analytics business.

The board approved the divestment of stake, held by the company directly and through its wholly owned subsidiaries, including PEL-DRG Dutch Holdco BV, to New York Stock Exchange-listed Clarivate Analytics Plc.

The stake sale is for $950 million, of which $900 million will be received on closing of the proposed transaction and $50 million at the end of 12 months from the closing of the transaction.

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The transaction has to be approved by shareholders and for that the board has convened an extra-ordinary general meeting on February 13.

The definitive agreements is to be executed on January 17 and the proposed transaction is expected to be completed on or before February 28, the company said.

At 1435 hours, Piramal Enterprises was quoting at Rs 1,639.40, up Rs 92.45, or 5.98 percent on the BSE.

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First Published on Jan 17, 2020 02:59 pm
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