Piramal to buy 5.5% stake in Vodafone-Essar

 Piramal Healthcare would purchase 5.5 per cent of the “issued equity share capital of Vodafone Essar Ltd (VEL) from ETHL Communications Holding Ltd (Essar) for a cash consideration of approximately US$ 640 million,” Vodafone said. “The transaction contemplates various exit mechanisms for Piramal, including both participation in a potential initial public offering of VEL and a sale of its stake to Vodafone.”