Piramal Enterprises’ subsidiary has divested its entire stake in Piramal Imaging SA (PISA) to UK’s Alliance Medical Acquisitionco.
“On June 25, 2018, Piramal Holdings (Suisse) SA (a wholly-owned subsidiary of Piramal Enterprises Ltd) has entered into a definitive agreement thereby divesting its entire stake in Piramal Imaging SA (PISA), its subsidiary, to Alliance Medical Acquisitionco (Alliance)” Piramal Enterprises said in a BSE filing today.
The company said that the total consideration for this sale is base consideration of $1 plus $1,177,682 towards working capital adjustment on completion of the sale, plus deferred consideration which would be contingent on future profits over a period not exceeding 10 years from the date of completion of the transaction.
Consequent to the divestment, Piramal Imaging and Piramal Imaging GmbH, wholly-owned subsidiaries of PISA will also become subsidiaries of Alliance and cease to be step-down subsidiaries of Piramal Enterprises, it added.
Shares of Piramal Enterprises were trading up by 0.5 per cent at Rs 2,540 on the BSE.