Vodafone Group and Piramal Healthcare have announced that Piramal has agreed to purchase approximately 5.5 per cent of the issued equity share capital of Vodafone India Limited from ETHL Communications Holdings Limited for Rs 30.07 billion.
This takes Piramal?s total shareholding in VIL to approximately 11 per cent. The transaction follows the settlement between Vodafone and Essar over the sale of Essar?s approximately 33 per cent stake in VIL, announced in July 2011, and the purchase by Piramal of approximately 5.5 per cent of the issued share capital of VIL from Essar in August 2011.
This completes the exit of the Essar group as a shareholder in VIL. 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.
