- The merger is in line with the Reserve Bank of India’s regulations and is aimed at simplifying the group structure and providing shareholders with direct access to the entire lending business.
- As part of the merger consideration, for every share of Piramal Enterprises, shareholders will receive one equity share of Piramal Finance and one Non-Convertible Non-Cumulative Nonparticipating Redeemable Preference Share (NCRPS) of Rs 67 of Piramal Finance, subject to RBI’s approval.
- The merger is expected to be completed within 9-12 months and is expected to be effective from April 1, 2024.
- This move makes Piramal Enterprises the second financial institution to adopt a structure that avoids a mandatory public share sale by the unlisted arm.
Question:
Q.1 When did Piramal Enterprises announce the merger with its unlisted subsidiary, Piramal Capital & Housing Finance (PCHFL)?a. April 1, 2024
b. May 9, 2024
c. June 15, 2024
d. July 20, 2024