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Piramal Enterprises Limited has demerged its pharma business and the stock started trading ex-pharma on August 30, 2022. The National Company Law Tribunal (NCLT) approved the demerger of Piramal Enterprises’ Pharma business and the simplification of the company’s corporate structure last month. Further, it will increase liquidity for shareholders.

The diversified company’s financial business contributes about 50% of its revenues and the demerger will help its pharma business to flourish on a standalone level.

Eligible shareholders will receive 4 shares of Piramal Pharma, with a face value of ₹ 10 each for one fully paid-up equity share in Piramal Enterprises Limited (with a face value of ₹ 2 each) held by them. These shares will get listed tentatively by October or November this year, subject to regulatory approvals.

The promoters of Piramal Enterprises Limited will have 44 per cent holdings in Piramal Enterprises. Global investment firm Carlyle will hold 20 per cent in Piramal Pharma. Other shareholders will hold a 56 per cent holding in Piramal Enterprises and a 45 per cent holding in Piramal Pharma. It is important to note that the company’s promoters have been divesting their stake gradually. It was 46.1% as of March 2021 and 43.5% as of June 30, 2022. This is not a good sign.

Targets

Jefferies has maintained a buy rating on the shares with a target price of ₹ 1250 apiece. This translates to an upside of 24.14 per cent as compared to its current share price of ₹ 1006.95. It said that a pick-up in retail disbursements, esp in housing, should lift loan growth.

ICICI Securities is bullish on the shares post demerger and has given a target price of ₹ 1391 per share. This indicates an upside of 38.13% as compared to the company’s current share price.

Price movement

The share price of Piramal enterprises increased from ₹ 571 levels to ₹ 1118 on August 30, 2022. In the past five trading sessions, it has increased by 73.82%. However, it has fallen by 10% in the last four trading sessions. The stock price has come under pressure after the demerger. Analysts say that the demerger has not excited investors. 

Written by Simran Bafna

Disclaimer

The content in this news article is not investment advice. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.