Piramal Pharma Shares Fall After Listing At Rs 201.8 Post Demerger
Since Piramal Pharma has emerged from a demerger, the scrip will be in the trade-for-trade segment for 10 trading days.
Shares of Piramal Pharma Ltd. debuted at Rs 201.8 apiece on the bourses after the company's demerger from Piramal Enterprises Ltd.
The stock debuted on the BSE and National Stock Exchange on Oct. 19 and will be listed on the T group of securities. Since the company has emerged from a demerger, the scrip will be in the trade-for-trade segment for 10 trading days, so trading volume is expected to remain muted.
The scheme of arrangement between Piramal Enterprises and Piramal Pharma was approved by the NCLT on Aug. 12, following which the scrip is listing on the exchanges.
As part of the scheme, four shares each carrying a face value of Rs 10 of Piramal Pharma will be issued to shareholders having one share of Piramal Enterprises having a face value of Rs 2.
In accordance with the share issue plan, Piramal Pharma shares debuted at Rs 201.8, worth roughly a quarter of a share of Piramal Enterprises, which is priced at around Rs 820.
Piramal Pharma's shares fell as much as 5% in early trade, to Rs 191.75 apiece, while Piramal Enterprises traded in the green and gained as much as 2% on Wednesday.