Piramal Enterprises extends gain on stake sale in Vodafone India
The stock has rallied 10% in past two trading sessions after the company agreed to divest its entire stake in Vodafone India for a total consideration of Rs 8,900 crore.
Piramal Enterprises has moved higher by 6% to Rs 586, extending its yesterday’s nearly 4% gain, after the company agreed to divest its entire stake in Vodafone India for a total consideration of Rs 8,900 crore.
In a regulatory filing on Thursday, Piramal Enterprises said it agreed to divest its entire equity stake, comprising 45.43 million shares (11%), in Vodafone India to Prime Metals, an indirect subsidiary of Vodafone Group Plc, for a total consideration of Rs 8,900 crore, valuing the shares of Vodafone India at Rs 1,960 a share.
Piramal had acquired these shares at an average price of Rs 1,290 a share for a total consideration of Rs 5,864 crore in two tranches during FY12.
The stock opened at Rs 568 and touched high of Rs 589 on the NSE. A combined 302,900 shares changed hands on the counter so far on the NSE and BSE.
In a regulatory filing on Thursday, Piramal Enterprises said it agreed to divest its entire equity stake, comprising 45.43 million shares (11%), in Vodafone India to Prime Metals, an indirect subsidiary of Vodafone Group Plc, for a total consideration of Rs 8,900 crore, valuing the shares of Vodafone India at Rs 1,960 a share.
Piramal had acquired these shares at an average price of Rs 1,290 a share for a total consideration of Rs 5,864 crore in two tranches during FY12.
The stock opened at Rs 568 and touched high of Rs 589 on the NSE. A combined 302,900 shares changed hands on the counter so far on the NSE and BSE.