Piramal Enterprises to sell equity stake in Vodafone India

Piramal Enterprises (Piramal) has decided to divest its entire equity stake, comprising 45,425,328 shares (11%), in Vodafone India to Prime Metals, an indirect subsidiary of Vodafone Group Plc, for a total consideration of Rs 8,900 crore, valuing the shares of Vodafone India at Rs 1,960 per share. Piramal had acquired these 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.

Piramal Enterprises is one of India’s largest diversified companies, with a presence in pharmaceutical, financial services and healthcare information management sectors.