Piramal Enterprises on Thursday said its board has approved a composite scheme of arrangement providing for the demerger of its pharmaceuticals business and simplification of the corporate structure to create two listed entities in financial services and pharmaceuticals.

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The pharmaceuticals business will get demerged from Piramal Enterprises (PEL) and consolidated in Piramal Pharma, Piramal Enterprises said in a regulatory filing.

The amalgamation of PHL Fininvest with PEL will create a listed non-banking financial services entity, it added. The merged housing finance company, post DHFL acquisition, will remain a 100 percent subsidiary of Piramal Enterprises, the filing said.

Shares of Piramal Enterprises were trading at Rs 2,924.45 per scrip on BSE, up 2.90 per cent from its previous close.

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