Piramal Healthcare is planning to sell its 11% stake in telecom major Vodafone India. The company has already started with the process to do the same. The entity had invested in Vodafone by picking up 11% stake for Rs 5,900 crore in two tranches in the Indian arm of Vodafone and it was a 24-36-month exit plan.
The company had paid Rs 2,893 crore in August 2011 for 5.5% stake and then another Rs 3,007 crore in February last year for 5.5%. The company is planning to exit when Vodafone comes out with an initial public offering (IPO), or sell its stake to other companies, or to Vodafone itself.
