Mumbai: Healthcare and pharma major Piramal Group’s spun-off research and development arm, Piramal Life Sciences, listed at Rs300 and soared to over Rs500 within minutes of opening of trade on the Bombay Stock Exchange.
The scrip, which opened at Rs300, touched an intra-day high of Rs 519.80 withing the first 30 minutes of trade on the Bombay Stock Exchange.
Piramal Life Sciences (formerly NPIL Research and Development) was trading at Rs496.20 on the exchange in the early morning trade on the BSE, while over 13 lakh shares had changed hands in the first half an hour on the bourse.
The scrip has been listed after a scheme of arrangement with the NCE Research Unit of Nicholas Piramal India Ltd (NPIL) being transferred to Piramal Life Sciences (PLSL), a Bombay Stock Exchange circular stated.
In consideration, PLSL has issued and allotted equity shares to the shareholders of NPIL in the ratio of one equity share of Rs10 each fully paid up for every ten equity shares of Rs2 each held in NPIL.
On the National Stock Exchange, the PLSL scrip opened at Rs391 and was trading at Rs497.50 in the early morning trade. It had touched an intra-day high of Rs519 within minutes of opening of trade on the NSE.
The issued, subscribed and paid-up equity capital of the company post arrangement comes to Rs25.45 crore consisting of over 2.54 crore equity shares of the face value of Rs10 each fully paid up, the circular added.