Piramal Enterprises today said its board has approved setting-up of wholly owned subsidiaries to commence businesses of merchant banking and asset management.
This is in line with the company's growth plans and as part of the financial services business, Piramal Enterprises said in a BSE filing.
The company's board has "approved the proposal to incorporate wholly owned subsidiaries for commencing the businesses of merchant banking for underwriting securities and placing the same with the potential investors, and investment manager and sponsor of proposed alternate investment fund(s)...," it added.
This would include schemes launched by the funds in the infrastructure sector, from time to time, Piramal Enterprises said.
"A committee of directors has been duly empowered to the take these proposals forward and make necessary applications with the regulators, as required," it added.
Shares of Piramal Enterprises today closed at Rs 2,496.75 per scrip on BSE, up 1.15 per cent from its previous close.