The Board of Directors of Nicholas Piramal India Ltd (NPIL) has taken an in-principle decision to transfer 93,00,000 equity shares of Rs 10/- each (constituting 53.8%) held by NPIL in its subsidiary company Gujarat Glass Pvt Ltd (GGPL), to NPIL's shareholders through a Holding Company under a Scheme of Arrangement, with the approval of High Courts.

The share of the holding company would be offered, free of cost, to the shareholders of NPIL in proportion to their shareholding in NPIL and would be listed on the stock exchanges on which NPIL shares are listed. The above decision of the Board is subject to all applicable approvals.

NPIL will now focus on its pharmaceutical business, with improved consolidated financials, conserving its capital outlay for its intellectual-asset intensive business. GGPL will be independent to pursue its future business plan, NPIL informed the BSE.