10th Apr 2014 10:41
LONDON (Alliance News) - Mumbai-headquartered Piramal Enterprises Ltd said in a statement Thursday that it had agreed to sell its entire 11% stake in Vodafone India Ltd to Vodafone Group PLC subsidiary Prime Metals Ltd.
It will sell the stake for INR1,960 per share, a total of INR88.98 billion for the 45.4 million shares.
Piramal acquired the shares for INR1,290 per share in 2012, meaning that the value of its shares increased 52%.
"The equity purchase in Vodafone was consistent with our objective of making investments that offer opportunity to generate attractive long term return on equity," Chairman Ajay Piramal said in a statement. ?I am glad to say that we have delivered against our targeted returns with this
investment."
Shares in Vodafone were trading down 0.8% at 218.25 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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