Piramal Finance was listed on the National Stock Exchange (NSE) on Friday, November 7, with a huge ceremony that was organised, where Isha Ambani, Radhika Merchant, Shloka Mehta and Founder-Chairperson of Reliance Foundation, Nita Ambani, attended the event in Mumbai.
Piramal Finance has been merged with Piramal Enterprises and the share price of Piramal Finance was listed at Rs 1,260 at a premium on NSE. The IPO-less stock debut marks a 12% premium listing over the discovered price of Rs 1,124.20 apiece.
Piramal Finance was earlier a wholly-owned subsidiary of Piramal Enterprises. NCLT in September this year approved the merger of Piramal Enterprises with Piramal Finance. Shareholders of Piramal Enterprises will receive equity shares of Piramal Finance in a 1:1 ratio, as outlined in the merger scheme.
Anand Piramal is heading the role of Piramal Finance chairman following its absorption of the parent company Piramal Enterprises from September.