Piramal Healthcare Inc. (PHI), a material step-down wholly owned subsidiary of Piramal Pharma Limited, has entered into a Stock Subscription Agreement and Loan Conversion Agreement with PPL Pharma Inc., another step-down wholly owned subsidiary. As part of the deal, PHI will subscribe to 1,903 optionally convertible redeemable preference shares (OCRPS) of face value USD 100,000 each — totaling USD 190.3 million (Rs 1,626.49 crore).
Out of this, USD 40.1 million will be paid in cash, while the remaining USD 150.2 million will be adjusted against an existing unsecured loan. The transaction is expected to be completed in about six months and is exempted under related party transactions as it is at arm’s length. It does not alter the shareholding structure and requires no regulatory approval.
Additional Information:
- PPL Pharma Inc. is based in the U.S. and focuses on holding investments in Piramal’s overseas subsidiaries.
- PPL Pharma’s turnover for 2023 stood at USD 4.38 million.
