MUMBAI, FEB 4:
The cash-rich Piramal Healthcare has agreed to purchase an additional 5.5 per cent of the issued equity share capital of Vodafone India Ltd from ETHL Communications Holdings Ltd for a cash consideration of approximately Rs 3,007 crore (approximately £385 million).
This takes Piramal Helathcare’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, for over Rs 2,800 crore.
In 2010, Piramal Healthcare had sold its domestic formulations business for Rs 17,000 crore.
The Vodafone 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, the company said.
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