Vodafone buys out Analjit, Piramal from Indian arm for Rs 10,000 crore
While Piramal Enterprises, the Ajay Piramal Group flagship, sold the 10.97% stake for Rs 8,900 crore, Singh sold his 24.65% holding for Rs 1,241 crore. Both the deals were first reported in economictimes.com on Thursday.
“The sale of stake in Vodafone bolsters our balance sheet byRs 10,000 crore this year,” Ajay Piramal told ET. “In an environment where most companies are starved for cash, it will open up more opportunities. We will redeploy the cash in financial services, healthcare and information management.”
Piramal Enterprises sold its entire stake for Rs 1,960 per share, securing a gain of Rs 3,000 crore — or 52% return — in just two years.
The pharma-to-real estate company had bought the Vodafone stake in two tranches — in August 2011 and February 2012 — paying a total of Rs 5,864 crore, or Rs 1,290 per share.
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