Trilegal Advises on Reverse Merger of Piramal Enterprises into Piramal Finance

Trilegal acted for Piramal Enterprises Limited and Piramal Finance Limited in the reverse merger and the subsequent equity listing. The transaction involved the merger of Piramal Enterprises Limited into its wholly owned debt‑listed subsidiary, Piramal Finance Limited, following Piramal Finance’s conversion from a housing finance company (HFC) to a non‑banking financial company – investment and credit company (NBFC‑ICC). The reverse merger was approved by the National Company Law Tribunal, Mumbai, and was described as a rare example of a reverse merger in the Indian financial services sector. The transaction was followed by an equity listing for the combined entity. Piramal Finance Limited focuses on broadening access to financial services for individuals, micro‑entrepreneurs and businesses across India and is among India’s fastest‑growing upper layer NBFCs, with assets under management of approximately ₹90,000 crore. Trilegal represented clients Piramal Enterprises Limited and Piramal Finance Limited with a team composed by: Ashwyn Misra (Partner, transaction lead) and Deep Choudhuri (Partner, transaction lead), with support from Shebani Bhargava (Senior Associate), Medha Nagpal (Associate) and Gayathri Pillai (Associate). Trilegal represented clients Piramal Enterprises Limited and Piramal Finance Limited with a team composed by: Chitra Rentala (Partner, Disputes), Kriti Srivastava (Senior Associate, Disputes), Khyati Mehrotra (Senior Associate, Disputes) and Priyanka Vishnoi (Associate, Disputes). Trilegal represented clients Piramal Enterprises Limited and Piramal Finance Limited with a team composed by: Ameya Khandge (Partner, Banking and Finance), Atishay Ajmera (Counsel, Banking and Finance) and Pragya Pugalia (Senior Associate, Banking and Finance). Trilegal represented clients Piramal Enterprises Limited and Piramal Finance Limited with a team composed by: Vijay Parthasarathi (Partner, Capital Markets), Albin Thomas (Partner, Capital Markets), Malika Grewal (Counsel, Capital Markets) and associates Sheetal Kumar (Associate, Capital Markets), Olivia De (Associate, Capital Markets), Vansh Dhoka (Associate, Capital Markets) and Janhavi Shah (Associate, Capital Markets). Trilegal represented clients Piramal Enterprises Limited and Piramal Finance Limited with a team composed by: Gautam Chawla (Partner, Competition law). Trilegal represented clients Piramal Enterprises Limited and Piramal Finance Limited with a team composed by: Sampath Kumar (Partner, Secretarial and Compliance).

Trilegal Advises on Reverse Merger of Piramal Enterprises into Piramal Finance

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