Piramal Enterprises receives USD 900 mn on closing sale of DRG business

New Delhi, Mar 2 () Piramal Enterprises on Monday said it has received USD 900 million (around Rs 6,500 crore) on completion of divestment of stake in its healthcare insights and analytics business to US-headquartered Clarivate Analytics.

The company in January this year announced an agreement for sale of its Decision Resources Group (DRG) business to Clarivate Analytics for USD 950 million, and had said it would use the money to reduce debt and to explore organic and inorganic growth opportunities.

PEL DRG Dutch HoldCo BV, a 100 per cent subsidiary of Piramal Enterprises Ltd (PEL) and the holding company for DRG, had signed the definitive agreement for sale of DRG business.

"... the transaction has closed on February 28, 2020, and the company has received the consideration amount of USD 900 million pursuant to the closing. The remaining USD 50 million would be received at the end of 12 months from the closing as per the agreed terms," Piramal Enterprises said in a filing to BSE

Shares of Piramal Enterprises were trading at Rs 1,419.85 per scrip on BSE, up 8.61 per cent from their previous close. AKT ANSANS