Piramal Finance shares made a strong market debut on the NSE at ₹1,260 apiece on November 7, marking a 12% premium over the discovered price of ₹1,124.20 per share. The listing follows the company’s merger with Piramal Enterprises, and the debut took place without an IPO.

Contents

Details of the Merger Management Outlook on Growth

Trading in Piramal Enterprises shares had ceased on the stock exchanges since September 23, after the completion of the merger process. Before the merger, Piramal Finance was a wholly-owned subsidiary of Piramal Enterprises.

Details of the Merger

The National Company Law Tribunal (NCLT) approved the merger of Piramal Enterprises Ltd (PEL) with its wholly-owned subsidiary Piramal Finance Ltd (PFL) on September 10, 2025.

Piramal Enterprises had fixed September 23 as the record date for the merger. According to the scheme:

Shareholders of PEL on the record date will receive equity shares of PFL in a 1:1 ratio.
All debt securities issued by PEL will also be transferred to PFL.

Following the merger, Anand Piramal assumed the role of Chairman of Piramal Finance, effective September 16, 2025.

Also Read: Capital Markets at the Core of India’s Growth Vision

Management Outlook on Growth

Jairam Sridharan, Managing Director & CEO of Piramal Finance, said the next phase of growth will be driven by improved operating efficiencies, maturing businesses, and the use of technology and AI.

He highlighted that the company is targeting a 3% Return on Assets (RoA) in the coming years. Sridharan described the past five years as transformational, marking the firm’s evolution from a wholesale lender to a retail-focused NBFC.

“The market has been conducive, and the promoter family has been very supportive of the strategy,” Sridharan told Moneycontrol.

Following the acquisition of Dewan Housing in September 2021, Piramal Finance’s retail book expanded from ₹20,000 crore to over ₹75,000 crore, reflecting a fourfold growth in four years. The business achieved break-even in July 2023, roughly two years after the acquisition.

Key Highlights

Listing Price: ₹1,260 per share on NSE
Premium: 12% over the discovered price of ₹1,124.20
Merger Approved: September 10, 2025, by NCLT
Record Date: September 23, 2025
Share Swap Ratio: 1:1 for PEL shareholders
Chairman: Anand Piramal
RoA Target: 3%
Retail Book Growth: ₹20,000 crore → ₹75,000 crore in four years
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