Nicholas Piramal demerges its research unit

New Delhi, Jan 22 (UNI) Nicholas Piramal India Ltd (NPIL) today said it will demerge its NCE Research Unit to NPIL Research and Development Ltd (NRDL).

In consideration for the demerger, NRDL will issue to the shareholders of NPIL one equity share of Rs 10 for every ten equity shares of Rs two each in NPIL, said a statement.

The company informed that an amount of Rs 95 crores out of the proceeds of the rights issue made by NPIL in August 2005 and intended to be used for the NCE Research Unit but remaining unspent, is deemed to be an asset of the NCE Research Unit to be recoverable from NPIL.

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