Piramal Pharma Subsidiary to Subscribe to Preference Shares of Another Subsidiary for USD 190.3 Million

Piramal Healthcare Inc. (PHI), a step-down wholly owned subsidiary of Piramal Pharma Ltd, has entered into a Stock Subscription Agreement and Loan Conversion Agreement with PPL Pharma Inc. (PPL Pharma), another step-down wholly owned subsidiary. PHI will subscribe to 1,903 optionally convertible redeemable preference shares of PPL Pharma for a total consideration of USD 190,300,000 (Rs. 1,626.49 crore). The transaction will be funded by a cash consideration of USD 40,100,000 and the conversion of an outstanding unsecured loan of USD 150,200,000 owed by PPL Pharma to PHI. The Transaction is expected to be completed within 6 months and does not require any governmental or regulatory approval.