Piramal Group to list R&D arm by June; mulls PE placement
Healthcare and pharma company Piramal Group on Tuesday said it will list its spun-off research and development arm, Piramal Life Sciences, on the bourses by June.
By PTI |
MUMBAI: Healthcare and pharma company Piramal Group on Tuesday said it will list its spun-off research and development arm, Piramal Life Sciences, on the bourses by June.
"Our R&D arm, earlier known as NPIL Research and Development Ltd, will be listed on the stock exchanges sometime in June. The shareholders of the earlier Nicholas Piramal group will now become shareholders of Piramal Life Sciences," Piramal Group Chairman Ajay Piramal told reporters here.
Piramal Life Sciences will have an independent board of directors. It will be working towards a new drug discovery in India which will be released in the global market.
Independent valuations by Lehman Brothers, Kotak and Enam have valued the R&D company at USD 480-540 million, Ajay Piramal said.
The company could look at strategic or a private equity placement to fund its research progress.
"We could look at raising funds through a strategic or a private equity placement but the overall dilution will not be more than 10 per cent," he said.
"Our R&D arm, earlier known as NPIL Research and Development Ltd, will be listed on the stock exchanges sometime in June. The shareholders of the earlier Nicholas Piramal group will now become shareholders of Piramal Life Sciences," Piramal Group Chairman Ajay Piramal told reporters here.
Piramal Life Sciences will have an independent board of directors. It will be working towards a new drug discovery in India which will be released in the global market.
Independent valuations by Lehman Brothers, Kotak and Enam have valued the R&D company at USD 480-540 million, Ajay Piramal said.
The company could look at strategic or a private equity placement to fund its research progress.
"We could look at raising funds through a strategic or a private equity placement but the overall dilution will not be more than 10 per cent," he said.
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