On April 23, 2025, Piramal Healthcare Inc. (PHI), a material step-down wholly owned subsidiary of Piramal Pharma Limited (PPL), entered into a Stock Subscription Agreement and Loan Conversion Agreement to subscribe to 1,903 optionally convertible redeemable preference shares (OCRPS) of PPL Pharma Inc., another step-down wholly owned subsidiary of PPL. Each OCRPS has a face value of USD 100,000, totaling an aggregate value of USD 190.3 million (approximately ₹1,626.49 crore).
Transaction Details:
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Cash Consideration: PHI will pay USD 40.1 million in cash.
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Loan Conversion: An outstanding unsecured loan of USD 150.2 million owed by PPL Pharma to PHI as of April 1, 2025, will be converted into equity.
About PPL Pharma Inc.:
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Incorporation: Established on August 26, 2015, under the Delaware General Corporation Law in the United States.
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Business Activity: Primarily engaged in holding investments in the overseas subsidiaries of Piramal Pharma Limited.
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Turnover:
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2021: USD 1,368,227
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2022: USD 2,161,372
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2023: USD 4,385,824
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Additional Information:
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The transaction is classified as an exempted related party transaction conducted at arm’s length.
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There will be no change in the percentage of holding of the Company in PHI and PPL Pharma; both entities will continue as wholly owned subsidiaries of Piramal Pharma Limited.
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The transaction is expected to be completed within approximately six months.
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No governmental or regulatory approvals are required for this transaction.
