Piramal Consumer Products Pvt. will acquire the Piramal Towers office premises, located at Peninsula Corporate Park in Mumbai's Lower Parel, for Rs 875 crore.
Piramal Consumer will enter into an agreement with the promoter company—AASAN Corporate Solutions Pvt.—for the acquisition, according to an exchange filing issued on Tuesday.
Piramal Enterprises makes use of certain portions of the office premises, but it wishes to acquire more chunks as and when available for its expanding business operations, the filing said.
Further to the transaction, Piramal Consumer would accept the following changes:
Change its name to 'Piramal Tower Pvt.', subject to availability.
Change its object clause to “the business of acquiring, holding, letting out premises, and providing various services and amenities.”.
Apart from this, the financial service provider has also invested Rs 289.6 crore in Piramal Consumer through subscription-to-rights issues, the filing said.
This investment made by the company will not change the shareholding pattern in its subsidiary unit, it said.
Piramal Consumer's turnover for FY21 stood at Rs 71.3 lakh; for FY22, it was at Rs 151.3 lakh; and for FY23, it was at Rs 70.4 lakh.
Shares of Piramal Enterprises closed 1.31% lower at Rs 902.75 apiece, as compared with a 0.32% rise in the benchmark BSE Sensex.
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