Piramal Enterprises has agreed to divest its entire equity stake, comprising 45,425,328 shares (~11 per cent), in Vodafone India to Prime Metals, an indirect subsidiary of Vodafone Group, 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.
“The equity purchase in Vodafone was consistent with our objective of making investments that offer opportunity to generate attractive long term return on equity”, says Ajay Piramal, Chairman, Piramal Group, “I am glad to say that we have delivered against our targeted returns with this investment.”
EP News Bureau – Mumbai
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