Merger Background
The board of PEL had earlier fixed September 23, 2025, as the record date for the Composite Scheme of Arrangement after receiving approval from the National Company Law Tribunal (NCLT), Mumbai Bench. The NCLT order, granted on September 10, 2025, formalized the merger process and was subsequently published on the Tribunal’s website.
The scheme merges PEL with PFL (formerly Piramal Capital & Housing Finance Limited) and lays out provisions for the respective shareholders and creditors of both companies.
What Shareholders Should Know
- Last trading day for PEL shares: September 23, 2025 (record date).
- Allotment ratio: 1 PEL share = 1 PFL share.
- PEL debt securities will transfer to PFL.
- PFL will apply for listing of new securities; trading begins post regulatory approvals.
- Existing PFL debt securities remain unaffected.
Earlier announcements regarding the merger were made by PEL on September 11 and September 16, 2025, through stock exchange filings, keeping investors informed about the scheme and regulatory progress.
