Piramal won't have cash after Vodafone stake buy

Piramal Healthcare will not have cash left in its balance sheet after it buys a 5.5% stake in Vodafone's India unit, Ajay Piramal, chairman of Piramal Healthcare Ltd , told reporters on Monday.

Piramal Healthcare would buy the stake in Vodafone India for about $616 million, taking its total stake in the mobile company to about 11%, it said over the weekend.

Vodafone will continue to hold 64% in its India unit, Piramal said.