Piramal Healthcare (Piramal) has agreed to purchase approximately 5.5% of the issued equity share capital of Vodafone India (VIL) from ETHL Communications Holdings (Essar) for a cash consideration of approximately Rs 3,007 crore taking the total shareholding of Piramal in VIL to approximately 11%.
This transaction follows the settlement between Vodafone and Essar over the sale of Essar’s approximately 33% stake in VIL, announced in July 2011, and the purchase by Piramal of approximately 5.5% of the issued share capital of VIL from Essar in August 2011.
The transaction contemplates various exit mechanisms for Piramal, including both participation in a potential initial public offering of Vodafone Essar and a sale of its stake to Vodafone.
