Piramal Enterprises subsidiary sells entire stake in PISA to UK's Alliance Medical Acquisitionco

New Delhi: Piramal Enterprises on Tuesday said its subsidiary has divested its entire stake in Piramal Imaging SA (PISA) to UK's Alliance Medical Acquisitionco.

"On 25 June, 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.

The company said 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 0.46 percent higher at Rs 2,541 on BSE.

Updated Date: Jun 26, 2018 13:37:29 IST