Post the debut, the shares rallied 3% to an intraday high of Rs 1,309.
The listing follows the company’s merger with Piramal Enterprises Ltd (PEL) and was executed without an initial public offering (IPO).
Piramal Enterprises shares had stopped trading on stock exchanges from September 23.
Under the merger terms, PEL shareholders were allotted equity shares of Piramal Finance Ltd (PFL) in a 1:1 ratio. Each shareholder of PEL received one share of Piramal Finance for every share held, ensuring a smooth transition into a unified listed entity.
The merger, which became effective on September 16, was necessitated by regulatory obligations under the Reserve Bank of India’s scale-based regulatory framework. PFL had been reclassified as a Non-Banking Financial Company – Investment and Credit Company (NBFC-ICC).RBI regulations prohibited the existence of multiple NBFC-ICCs under the same group, requiring the listing of PFL as an upper-layer NBFC by September 30.With the merger, Piramal Enterprises transitioned from a diversified conglomerate to a focused financial services group.
he move consolidated the group’s lending and financing operations under the Piramal Finance umbrella, aiming to enhance customer service, drive profitability, and unlock shareholder value. The company said this structure would also allow it to offer a broader suite of financial products while creating operational efficiencies.
Following the completion of the merger and allotment formalities, PFL applied for the listing of its equity shares on the stock exchanges. The listing marks the culmination of Piramal Enterprises’ shift into a pure-play financial services platform.
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