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ICICI Securities Report
Piramal Enterprises (PEL) has fixed September 1, 2022 as demerger of Piramal Pharma record date. Accordingly, price discovery for financial services business happened during the market opening hours (on August 30, 2022) and PEL shares traded ex-pharma business valuation all through the day
Closing market price at Rs1,064 per share or market cap of Rs255bn represented financial services business valuation translating to 0.8x trailing (FY22) net worth of Rs300bn.
Based on past few days' average trading price, pharma business seems to command valuation of Rs200bn or Rs850 per share. Equity shares, proposed to be allotted by PPL (Piramal Pharma Limited), are expected to be listed on stock exchanges over the next 2-3 months, subject to necessary regulatory approvals
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