Piramal Healthcare has moved up nearly 7% in trade today to Rs 466 levels after the company informed that it has bought an additional 5.5% stake in Vodafone.
The Vodafone group said this transaction completed the exit of the Essar group as a shareholder in Vodafone India. In August last year, Vodafone had sold to Piramals 5.5% of the 11% stake it had acquired from Essar. The second deal would sell the remaining stake held by Essar’s ETHL Communications Holdings, to Piramal Healthcare.
Piramal Healthcare’s total investment in Vodafone India would now be around Rs 5,900 crore. But, this investment by the healthcare company varies from its earlier one in terms of valuation. In the August deal, Piramals had paid around Rs 2,893 crore for 5.5% stake. This time, it has paid around a Rs 100 crore more.
The stock opened at Rs 458 on the National Stock Exchange (NSE) and touched a high of Rs 514 in opening trades. Around 62,408 shares have changed hands on the NSE thus far.
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