Piramal group is selling its entire 11% stake in Vodafone India for Rs8,900 crore, thus earning a whopping profit of Rs3,036 in just over two years
Ajay Piramal-led Piramal group has decided to exit from Vodafone India Ltd by selling its entire stake at Rs1,960 per share.
In a statement, the group said, "Piramal Enterprises Ltd agreed to divest its entire stake, comprising 4.54 crore shares or about 11% in Vodafone India to Prime Metals Ltd, an indirect subsidiary of Vodafone Group Plc, for Rs8,900 crore".
Piramal group has bought these shares in two tranches during FY12 at an average price of Rs1,290 per share or about Rs5,864 crore.
Ajay Piramal, chairman of Piramal Group, said, “The equity purchase in Vodafone was consistent with our objective of making investments that offer opportunity to generate attractive long term return on equity. I am glad to say that we have delivered against our targeted returns with this investment”.
At 12.40pm Thursday, Piramal Enterprises was trading 6% higher at Rs568.6 on the BSE while the 30-share Sensex was marginally up at 22,759.
Inside story of the National Stock Exchange’s amazing success, leading to hubris, regulatory capture and algo scam
Fiercely independent and pro-consumer information on personal finance.
1-year online access to the magazine articles published during the subscription period.
Access is given for all articles published during the week (starting Monday) your subscription starts. For example, if you subscribe on Wednesday, you will have access to articles uploaded from Monday of that week.
This means access to other articles (outside the subscription period) are not included.
Articles outside the subscription period can be bought separately for a small price per article.
Fiercely independent and pro-consumer information on personal finance.
30-day online access to the magazine articles published during the subscription period.
Access is given for all articles published during the week (starting Monday) your subscription starts. For example, if you subscribe on Wednesday, you will have access to articles uploaded from Monday of that week.
This means access to other articles (outside the subscription period) are not included.
Articles outside the subscription period can be bought separately for a small price per article.
Fiercely independent and pro-consumer information on personal finance.
Complete access to Moneylife archives since inception ( till the date of your subscription )
