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Stock Report
Piramal Consumer Products Pvt Ltd to acquire Piramal Tower at Peninsula Corporate Park, Lower Parel, Mumbai
Posted On : 2023-12-26 18:04:21( TIMEZONE : IST )
Piramal Consumer Products Private Limited ('PCPPL'), a wholly owned subsidiary of Piramal Enterprises Limited, has agreed to enter into an agreement with AASAN Corporate Solutions Private Limited ('ACSPL'), a promoter group company, for acquisition of Piramal Tower ('Office Premises') located at Peninsula Corporate Park, Lower Parel, Mumbai, for a consideration of Rs. 875 crores ('Transaction'). As business of the Company continues to expand, this Transaction will allow the Company and its subsidiaries to fulfil their future office space needs. Although the Company currently utilizes a certain portion of these Office Premises, it expects to capitalize on space as and when it becomes available to meet the rising operating demands. Further, pursuant to this Transaction, PCPPL would undertake to (a) change its name to "Piramal Tower Private Limited" subject to availability; and (b) change its object clause to "the business of acquiring, holding, letting out premises, and providing various services and amenities".
The Company has invested Rs. 289.59 crores in PCPPL by way of subscription to Rights Issue. There is no change in the shareholding percentage of the Company in PCPPL, pursuant to the aforesaid investment. Transactions between a holding company and its whollyowned subsidiary are exempt from the purview of related party transactions.
PCPPL's turnover for FY21, FY22 and FY23 was Rs. 71.27 lakhs, Rs. 151.35 lakhs, and Rs. 70.42 lakhs, respectively. The Transaction is a related party transaction undertaken at arm's length. The interest of the promoter/ promoter group/group companies of the Company is only to the extent of PCPPL being a wholly-owned subsidiary and ACSPL being a company belonging to the promoter group.
Shares of Piramal Enterprises Limited was last trading in BSE at Rs. 902.75 as compared to the previous close of Rs. 914.75. The total number of shares traded during the day was 43373 in over 2397 trades.
The stock hit an intraday high of Rs. 923.90 and intraday low of 900.00. The net turnover during the day was Rs. 39612934.00.
