PEL arm to acquire Rs 875-cr office space in Mumbai

AASAN Corporate Solutions is a promoter group company for Piramal Enterprises. Piramal Consumer Products will acquire Piramal Tower, office premises located at Peninsula Corporate Park, Lower Parel in Mumbai.

As business of the company continues to expand, PEL stated that this transaction will allow itself and its subsidiaries to fulfil their future office space needs. Although the company currently utilizes a certain portion of these office premises, it expects to capitalize on space as and when it becomes available to meet the rising operating demands.

PEL has invested Rs 289.59 crore in PCPPL by way of subscription to rights issue. There is no change in the shareholding percentage of the company in PCPPL, pursuant to the aforesaid investment, stated the company. PCPPL?s turnover for FY23 stood at Rs 70.42 lakh.

PEL stated that this transaction is a related party transaction undertaken at arm?s length. The interest of the promoter/ promoter group/group companies of the company is only to the extent of PCPPL being a wholly-owned subsidiary and ACSPL being a company belonging to the promoter group.

Piramal Enterprises (PEL) is a leading diversified NBFC in India with a presence across retail lending, wholesale lending, and fund-based platforms. The company has investments and assets worth ~$10 billion, with a network of branches across 25 states/UTs.

The company reported consolidated net profit of Rs 48.19 crore in Q2 FY24 as against net loss of Rs 1,536.39 crore reported in Q2 FY23. Total income fell 3% YoY to Rs 914 crore in the quarter ended 30 September 2023.

The scrip rose 0.95% to end at Rs 911.30 on the BSE.

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