Piramal Enterprises Limited (BSE:500302) agreed to acquire remaining 82.5% in Piramal Phytocare Limited (BSE:532979) for approximately INR 740 million on May 28, 2018. In consideration of the merger, Piramal Enterprises Limited will allot one share for every 70 shares in Piramal Phytocare Limited. Pursuant to the said scheme, shareholding of Piramal Enterprises Limited would stand cancelled. In related deal, Piramal Enterprises Limited agreed to transfer certain assets and liabilities to Piramal Housing Finance Limited for net consideration not exceeding INR 29.5 billion.

The Scheme is subject to the approval of the shareholders, creditors, Securities and Exchange Board of India. BSE Limited, National Stock Exchange of India Ltd., National Company Law Tribunal and other regulatory authorities, as applicable. The Board of Directors of Piramal Enterprises Limited approved the deal. As of November 4, 2019, National Company Law Tribunal. Mumbai Bench has approved the transaction. The Audit & Risk Management Committee of Piramal Enterprises Limited also recommended the deal. Bansi S. Mehta & Co. acted as valuer and Asit C. Mehta Investment Intermediates Limited provided fairness opinion on the deal.