Piramal Enterprises gains as FIPB clears Vodafone's proposal
The stock has rallied 5% to Rs 582 in early morning deals on the Bombay Stock Exchange.
Piramal Enterprises is trading higher by 5% at Rs 582 after the Foreign Investment Promotion Board (FIPB) approved Vodafone's proposal to buy out minority shareholders.
The Ajay Piramal led-Piramal Enterprises hold 10.97% stake in the country’s second-largest telecom company by subscribers.
As a part of a proposal Vodafone Group Plc will pay Rs 8,900 crore to Piramal Enterprises for its stake, the PTI report suggests.
Piramal Enterprises had invested Rs 5,900 crore to take 10.97% in Vodafone India in two tranches.
The stock opened at Rs 580 and touched high of Rs 605 on the BSE. A combined around 225,000 shares have changed hands on the counter so far on the BSE and NSE.
The Ajay Piramal led-Piramal Enterprises hold 10.97% stake in the country’s second-largest telecom company by subscribers.
As a part of a proposal Vodafone Group Plc will pay Rs 8,900 crore to Piramal Enterprises for its stake, the PTI report suggests.
Piramal Enterprises had invested Rs 5,900 crore to take 10.97% in Vodafone India in two tranches.
The stock opened at Rs 580 and touched high of Rs 605 on the BSE. A combined around 225,000 shares have changed hands on the counter so far on the BSE and NSE.
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First Published: Dec 31 2013 | 10:07 AM IST