New Delhi, Oct 13 (PTI) Piramal Pharma on Thursday said it has received an approval from the Securities and Exchange Board of India (Sebi) to list shares on domestic stock exchanges.

Piramal Pharma, consequent to the approval granted by the National Company Law Tribunal (NCLT), has been demerged from Piramal Enterprises Ltd (PEL) as a part of the simplification of the corporate structure.

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Piramal Pharma Ltd (PPL) has received a letter from Sebi...the company expects that its shares will be listed on the Indian equity stock exchanges -- BSE and NSE -- next week, it said in a statement.

The demerger from PEL will firmly empower PPL to be future ready and enable it to independently pursue its growth strategies with sharper focus and identity, it added.

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In consideration of the demerger, shareholders of PEL have been allotted four shares of PPL for every one share in PEL, in addition to their existing holding in PEL, the company said.

PPL includes Piramal Pharma Solutions (PPS), Piramal Critical Care (PCC) and the India Consumer Healthcare business, which sells over-the-counter products.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)