Piramal sold its 11 percent stake in Vodafone India for 8900 crore rupees
Piramal Enterprises announced on 10 April 2014 to sold its equity stake to Vodafone India for 8900 crore rupees.
Piramal Enterprises announced on 10 April 2014 to sold its equity stake to Vodafone India for 8900 crore rupees. The deal values Vodafone India at Rs 1960 per share.
Equity stake comprised of 45425328 shares i.e. around 11%.
The Piramal company picked up 11 per cent stake in two tranches, in August 2011 and February 2012.The deal then cost a total of 5864 crore rupees or 1290 rupees per share.
Piramal Group had earlier anticipated it would exit through an initial public offer of Vodafone India shares. The Piramal Group had always maintained Vodafone for it was a financial parking of resources from its deal with Abbott.
In September 2010, the group sold its profit making India pharmaceutical business putting around 10000 crore rupees in its coffers, net of tax and debt repayment requirements.