Piramal extends gain on stake sale in Vodafone - The New Indian Express

Piramal extends gain on stake sale in Vodafone

Published: 11th April 2014 12:19 PM

Last Updated: 11th April 2014 12:19 PM

Piramal Enterprises, one of India's largest diversified companies, extended gain on Friday after it agreed to divest its entire equity stake, comprising 45,425,328 shares (11%), in Vodafone India to Prime Metals, an indirect subsidiary of Vodafone Group Plc, for a total consideration of Rs 89 billion, valuing the shares of Vodafone India at Rs 1,960 a share.

Piramal had acquired these shares at an average price of Rs 1,290 a share for a total consideration of Rs 58.64 billion in two tranches during FY12. Shares ofthe companyare trading at Rs 573.70, up Rs 17.55, or 3.16% at the Bombay Stock Exchange (BSE) on Friday at 11:30 a.m.The scrip has touched an intra-day high of Rs 577.45 and low of Rs 563. The total volume of shares traded at the BSE is 27,369.In the earlier session, the shares climbed 3.73%, or Rs 20, at Rs 556.15. Currently, the stock is trading down 11.51% from its 52-week high of Rs 648.30 and above 20.53% over the 52-week low of Rs 476.

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