Piramal merger approved, record date set for share allotment

Piramal Enterprises Limited announced the National Company Law Tribunal (NCLT) Mumbai Bench's approval of its Composite Scheme of Arrangement with Piramal Finance Limited, previously Piramal Capital & Housing Finance Limited. This approval, granted on September 10, 2025, signifies the culmination of regulatory clearances for the merger.

The Administrative Committee of Piramal Enterprises’ Board of Directors has fixed September 23, 2025, as the Record Date. This date is crucial for the issuance and allotment of equity shares of Piramal Finance Limited to eligible shareholders of Piramal Enterprises, and for the transfer of non-convertible debentures and commercial papers. The Scheme's appointed date was April 1, 2024.

This restructuring follows Piramal Finance Limited’s conversion from a housing finance company (HFC) to a Non-Banking Financial Company – Investment and Credit Company (NBFC-ICC) due to not meeting requisite Principal Business Criteria for HFCs, and the RBI's stipulation against holding two NBFC-ICC licenses within the group. The merger aims to streamline operations, enhance capital structure, and ensure compliance with RBI’s Scale Based Regulations which mandate listing of upper layer NBFCs by September 30, 2025.