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.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%