Moneycontrol Bureau
Pharma major Piramal Healthcare has agreed to acquire additional 5.5% stake in cellular services operator Vodafone India for Rs 3,007 crore in cash. The stake will be acquired from ETHL Communications Holdings (Essar), and post the stake buy Piramal will hold about 11% in Vodafone India (VIL).
"The transaction follows the settlement between Vodafone and Essar over the sale of Essar's approximately 33% stake in VIL, announced in July 2011 and the purchase by Piramal of approximately 5.5% of the issued share capital of VIL from Essar in August 2011," it said on Saturday.
The deal contemplates various options for Piramal to exit VIL in future, including through a potential public share sale by VIL and by selling its stake back to Vodafone.
Piramal sold its formulations business to US-based Abbott in 2010 and has been looking to invest outside the pharma space. It recently announced its foray in the financial services segment. It has also entered the real estate sector with the acquisition of IndiaReit Fund Advisors and IndiaReit Investment Managers.
Piramal Healthcare shares closed up 4.5% at Rs 437.80 on NSE on Friday.
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