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Home: Piramal Healthcare to acquire further 5.5% stake in Vodafone India

Piramal Healthcare to acquire further 5.5% stake in Vodafone India

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NetIndian News Network
Mumbai, February 4, 2012
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Vodafone Group and Piramal Healthcare today announced that Piramal had agreed to purchase 5.5 per cent of the issued equity share capital of telecom services provider Vodafone India Limited (VIL) from ETHL Communications Holdings Limited for a cash consideration of approximately Rs 30.07 billion (£385 million).

This would take Piramal's total shareholding in VIL to approximately 11 per cent, a press release from the two companies said.
 
The release said the transaction followed the settlement between Vodafone and Essar over the sale of Essar’s approximately 33 per cent stake in VIL, announced  in July 2011, and the purchase by Piramal of approximately 5.5 per cent of the issued share capital of VIL from Essar in August 2011. 
 
"This completes the exit of the Essar group as a shareholder in VIL," the release said.
 
The transaction contemplates various exit mechanisms for Piramal, including both participation in a potential initial public offering of VIL and a sale of its stake to Vodafone, the release added.
 
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