(updated - 04 Feb 2012)
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Piramal Healthcare to buy additional 5.5% stake in Vodafone for Rs 30.07 bn
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Ajay Piramal led Piramal Healthcare (Piramal) and Vodafone Group (Vodafone) on Saturday announced the 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 30.07 billion (approximately GBP 385 million) taking the total shareholding of Piramal in VIL to approximately 11%.
The 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 VIL and a sale of its stake to Vodafone.