Piramal Enterprises rises as its arm to acquire 10.39% stake in Annapurna Finance
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Piramal Enterprises is currently trading at Rs. 886.10, up by 18.90 points or 2.18% from its previous closing of Rs. 867.20 on the BSE.
The scrip opened at Rs. 870.80 and has touched a high and low of Rs. 887.95 and Rs. 870.80 respectively. So far 4582 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 1140.00 on 11-Sep-2023 and a 52 week low of Rs. 630.20 on 28-Mar-2023.
Last one week high and low of the scrip stood at Rs. 910.00 and Rs. 846.90 respectively. The current market cap of the company is Rs. 19482.84 crore.
The promoters holding in the company stood at 46.19%, while Institutions and Non-Institutions held 30.20% and 23.60% respectively.
Piramal Enterprises’ wholly-owned subsidiary -- Piramal Alternatives Trust (PAT), in line with its investment objective and strategy, has entered into an agreement on January 24, 2024, as a part of its normal course of business, to acquire 10.39% stake in Annapurna Finance (AFPL) for a cash consideration of Rs 300 crore by way of a purchase of equity shares and subscription to optionally convertible debentures amounting to Rs 300 crore. The transaction is subject to receipt of requisite regulatory approval by PAT and is expected to be completed before March 31, 2024.
AFPL is a Non-Banking Financial Company-Micro Finance Institutions (‘MFI’) established in 2009 and headquartered in Odisha.
Piramal Enterprises is one of India’s large diversified companies, with a presence in Pharmaceuticals, Healthcare Information Management and Financial Services.
