Piramal Enterprises has moved higher by 6% to Rs 568 after the company agreed to divest its entire stake in Vodafone India for a total consideration of Rs 8,900 crore.
“The company has agreed to divest its entire equity stake, comprising 45.42 million shares representing around 11% stake in Vodafone India Limited to Prime Metals Ltd., an indirect subsidiary of Vodafone Group Plc, for a total consideration of Rs 8,900 crore, valuing the shares of Vodafone India Ltd. at Rs 1,960 per share,” Piramal Enterprises said in a press release.
Piramal had acquired these shares at an average price of Rs 1,290 per share for a total consideration of Rs 5,864 crore in two tranches during the financial year 2011-12, it added.
The stock opened at Rs 540 and touched a high of Rs 577 on the BSE. The counter has seen huge trading activity, with a combined around 850,000 shares changing hands till 1330 hours, against an average sub-50,000 shares traded daily in the past two weeks on the BSE and NSE.
“The company has agreed to divest its entire equity stake, comprising 45.42 million shares representing around 11% stake in Vodafone India Limited to Prime Metals Ltd., an indirect subsidiary of Vodafone Group Plc, for a total consideration of Rs 8,900 crore, valuing the shares of Vodafone India Ltd. at Rs 1,960 per share,” Piramal Enterprises said in a press release.
Piramal had acquired these shares at an average price of Rs 1,290 per share for a total consideration of Rs 5,864 crore in two tranches during the financial year 2011-12, it added.
The stock opened at Rs 540 and touched a high of Rs 577 on the BSE. The counter has seen huge trading activity, with a combined around 850,000 shares changing hands till 1330 hours, against an average sub-50,000 shares traded daily in the past two weeks on the BSE and NSE.
