Pharma major Piramal Healthcare has agreed to acquire an additional 5.5% stake in Indian mobile services operator Vodafone for Rs 3,007 crore in cash. The stakes are derived ETHL Communications Holdings (Essar), and participation post buy Piramal holds about 11% of Vodafone in India (VIL).
"The deal follows an agreement between Vodafone and Essar over the sale of approximately 33% stake in Essar's Vil, announced in July 2011 and to about 5.5% of the share capital of the Piramal hair from Essar in August 2011," it said Saturday.
Piramal to exit the lot considering various options for hair in the future, including a possible sale of the shares of public flashing and selling its stake back to Vodafone.
Piramal sold its formulations business in the US-based Abbott in 2010 and has been looking to invest outside the pharma space. Recently announced its foray into financial services segment. It is also concluded the acquisition of the real estate sector IndiaReit IndiaReit Fund Advisors and Investment Managers.
Piramal Healthcare shares closed up 4.5% in the NSE at Rs 437.80 on Friday.
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Seeing Science Everywhere
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