BUSINESS

Piramal to sell Vodafone stake for Rs 8,900 cr

Automobile, Viewed [ 14 ] , Rating :
     
Star Live 24, Star Live 24
Thursday, April 10, 2014
Published On: 18:20:33 PM

Piramal Enterprises on Thursday said it will sell its 11 per cent stake in Vodafone India to the U.K. 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.

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

Other Videos


Must have summer quenchers

Must have summer quenchers

Man can live on bread alone

Man can live on bread alone

Bake a veritable feast

Bake a veritable feast

Monte Carlo Masters: Ferrer ends Nadal’s run

Monte Carlo Masters: Ferrer ends Nadal’s run

World Youth Boxing: Neeraj enters quarters, Indian women ousted

World Youth Boxing: Neeraj enters quarters, Indian women ousted

ITF Asian Junior tennis: Ojasvinee, Mihika lose in semis

ITF Asian Junior tennis: Ojasvinee, Mihika lose in semis

National shooting selection trials: Karmakar pips Narang for first place

National shooting selection trials: Karmakar pips Narang for first place

World youth boxing championships: Neeraj Parasar advances to last eight

World youth boxing championships: Neeraj Parasar advances to last eight




 Comment Note: By posting your comments in our website means you agree to the terms and conditions of www.StarLive24.tv