For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Piramal to sell Vodafone India stake for Rs 8,900 crore

By Super
|

Piramal to sell Vodafone India stake for Rs 8,900 crore
New Delhi: Piramal Enterprises on Thursday said it will sell its 11 per cent stake in Vodafone India to the UK based telecom giant for Rs 8,900 crore.

The company has agreed to divest its entire equity stake, comprising 45,425,328 shares (11 percent), in Vodafone India Ltd to Prime Metals, an indirect subsidiary of Vodafone Group Plc, for a total consideration of Rs 8,900 crore, Piramal Enterprises said in a statement. The company has valued the shares of Vodafone India Ltd at Rs 1,960 per share, it added.

 

Piramal had acquired Vodafone India shares at an average price of Rs 1,290 per share for a total consideration of Rs 5,864 crore in two tranches during FY12, the company said.

 

"The equity purchase in Vodafone was consistent with our objective of making investments that offer opportunity to generate attractive long term return on equity", Piramal Group Chairman Ajay Piramal said.

"I am glad to say that we have delivered against our targeted returns with this investment", he added.

Piramal Enterprises shares were trading at Rs 568.15 apiece on the BSE, in afternoon trade, up 5.97 percent from its previous close.

PTI

Story first published: Thursday, April 10, 2014, 15:51 [IST]
Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X