The deal is part of Vodafone's plan first announced last October to take full control of the unit for a total Rs 10,141 crore, following a change in rules allowing foreign companies to own up to 100 percent of Indian telecommunication carriers.
Piramal Enterprises said on Thursday it agreed to sell an about 11 percent stake it owns in the Indian unit of Vodafone Group Plc to the British group for Rs 8900 crore.
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The deal is part of Vodafone's plan first announced last October to take full control of the unit for a total Rs 10,141 crore, following a change in rules allowing foreign companies to own up to 100 percent of Indian telecommunication carriers.
Vodafone, which entered India in 2007 by buying Hutchison Whampoa's local cellular assets in a USD 11 billion deal, directly and indirectly owns a combined 84.5 percent of Vodafone India, the country's No.2 telecoms company by users and revenue.
Vodafone received the Indian cabinet's approval in February to buy stakes from its minority Indian partners -- Piramal and Indian businessman Analjit Singh.
Piramal had bought the 11 percent stake in Vodafone India in two tranches during the financial year to March 2012 for Rs 5,864 crore. It is selling the stake to Prime Metals , which it said is an indirect subsidiary of Vodafone Group.
Piramal Enter stock price
On April 10, 2014, at 14:16 hrs Piramal Enterprises was quoting at Rs 564.00, up Rs 27.85, or 5.19 percent. The 52-week high of the share was Rs 648.30 and the 52-week low was Rs 476.00.
The latest book value of the company is Rs 611.71 per share. At current value, the price-to-book value of the company was 0.92.
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