UK-based operator Vodafone Plc has offered a 50.84 per cent premium to Piramal Enterprises for selling its stake in Vodafone India.
In a communication to the Department of Telecommunications (DoT), Vodafone Plc has stated that it has agreed to pay Rs 89 billion to Piramal Enterprises for its 10.97 per cent direct stake in Vodafone India. Earlier, Piramal Enterprises had first bought about 5.47 per cent stake in Vodafone India for Rs 28.93 billion in 2011 and later in 2012, the company acquired an additional 5.5 per cent stake in Vodafone India for Rs 30.07 billion. In addition, Vodafone Group Plc has proposed to pay Rs 12.41 billion to Analjit Singh, the promoter of Piramal Enterprises. Singh holds a 25 per cent stake in Vodafone India.
DoT has conditionally approved Vodafone Plc?s offer, however the proposal is now awaiting clearance from the Foreign Investment Promotion Board.
