Published on : 13 Nov 2025, 11:32 am 1 min read

Piramal Enterprises Limited has merged into its wholly owned debt-listed subsidiary, Piramal Finance Limited, following its conversion from an HFC to an NBFC-ICC — marking a rare reverse merger in the Indian financial services sector.

Trilegal advised both Piramal Enterprises and Piramal Finance on this reverse merger, as well as the subsequent equity listing.

The transaction was led by Ashwyn Misra (Partner) and Deep Choudhuri (Partner), wirh support from Shebani Bhargava (Senior Associate) and Associates Medha Nagpal and Gayathri Pillai.

Chitra Rentala (Partner), Kriti Srivastava (Senior Associate), Khyati Mehrotra (Senior Associate), Priyanka Vishnoi (Associate) advised on Disputes aspects.

Ameya Khandge (Partne

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