Piramal to divest 11% stake in Vodafone India

Piramal to divest 11% stake in Vodafone India
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 per cent), 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.
 

Assembly elections 2019 | Get the latest news, views and analysis on elections in Haryana and Maharashtra on DeccanHerald.com


For election-related news in Maharashtra, click here

For election-related news in Haryana, click here

DH Newsletter Privacy Policy Get top news in your inbox daily
GET IT
Comments (+)