360° Coverage : Piramal Enterprises Limited ("Piramal") Agrees...

1 Updates

Piramal Enterprises Limited ("Piramal") Agrees to Sell Equity Stake in Vodafone India Limited

May 9 2014, 12:00pm CDT | by

Mumbai, India, May 09, 2014 --(PR.com)-- Piramal Enterprises Ltd. (“Piramal”, NSE: PEL, BSE: 500302) today announced that it has agreed to divest its entire equity stake, comprising 45,425,328...

Filed under: news

YouTube Videos

 
 
 

24 weeks ago

Piramal Enterprises Limited ("Piramal") Agrees to Sell Equity Stake in Vodafone India Limited

May 9 2014, 12:00pm CDT | by

Mumbai, India, May 09, 2014 --(PR.com)-- Piramal Enterprises Ltd. (“Piramal”, NSE: PEL, BSE: 500302) today announced that it has agreed to divest its entire equity stake, comprising 45,425,328 shares (~11%), in Vodafone India Limited to Prime Metals Ltd., an indirect subsidiary of Vodafone Group Plc, for a total consideration of Rs. 8,900 Cr, valuing the shares of Vodafone India Ltd. at Rs. 1,960 per share.

Piramal had acquired these shares at an average price of Rs. 1,290 per share for a total consideration of Rs. 5,864 Cr in two tranches during FY12.

“The equity purchase in Vodafone was consistent with our objective of making investments that offer opportunity to generate attractive long term return on equity” says Ajay Piramal, Chairman, Piramal Group, “I am glad to say that we have delivered against our targeted returns with this investment.”

About the Piramal Group

The Piramal Group, led by Ajay G. Piramal is one of India’s foremost business conglomerates. Driven by the core values of Knowledge Action Care, the Piramal Group has interests in a myriad of industries that encompass healthcare, drug discovery & research, diagnostics, glass, real estate and financial services. The Piramal Group steadfastly pursues inclusive growth while adhering to ethical and value driven practices. The Group’s turnover exceeded $ 1 billion in FY2013.

About Piramal Enterprises Ltd. (PEL)

Piramal Enterprises is one of India’s largest diversified companies, with a presence in pharmaceutical, financial services and information management sectors. Piramal Enterprises had consolidated revenues of over $ 650 million in FY2013. In the pharmaceutical space, PEL is one of leading custom manufacturing player globally, has presence in the global critical care segment with a portfolio of inhalation and injectible anesthetics and its OTC business is ranked no. 7 in India. PEL is also engaged in drug discovery & research and has strong pipeline of development products. In the financial services space, PEL has a real estate focused PE fund – Indiareit and a NBFC that is focused on lending to real estate and education sector. PEL’s information management business, Decision Resources Group is a leading provider of information based services to the healthcare industry.

Contact Information:
Piramal
Akansha Pradhan
02233514082
Contact via Email
www.piramal.com

Read the full story here: http://www.pr.com/press-release/557472

Press Release Distributed by PR.com

 

Don't miss ...

 

<a href="/latest_stories/all/all/29" rel="author">PR.com</a>
PR.com press-releases.

 

blog comments powered by Disqus

Latest stories

China's aid to fight Ebola arrives in Ghana
Accra, Oct 30 (IANS) Chinese medical supplies and equipment to aid Ghana's fight against the outbreak of the deadly Ebola Viral Disease arrived at the Kotoka International Airport in Accra late Wednesday night.
 
 
EU lifts decade-long economic sanctions on Zimbabwe
Harare, Oct 30 (IANS) The European Union (EU) has lifted its decade-long economic sanctions on Zimbabwe in a move that will see the trading bloc extending 234 million Euros (about 300 million dollars) to support programmess in the country.
 
 
World Bank pledges more funds for Ebola flight in West Africa
Accra, Oct 30 (IANS) The World Bank announced Thursday an additional $100-million support package in its Ebola response activities for three West African countries ravaged by the epidemic.
 
 
Did you sleep well? This device will show
Tokyo, Oct 30 (IANS/EFE) Japanese video game company Nintendo Thursday announced it will develop a device to track and improve the quality of sleep, the latest venture of the company to get into the "eHealth" business.
 
 
 

Latest from the Network

11 held for digging women's graves for 'ghost marriages'
Beijing, Oct 30 (IANS/EFE) Chinese police have arrested 11 people for allegedly digging up dead women's bodies from their graves to sell them for rituals known as "ghost marriages", Hong Kong's South China Morning Post...
Read more on Politics Balla
 
Argentina's Congress passes energy-overhaul bill
Buenos Aires, Oct 30 (IANS/EFE) Argentina's lower house of Congress, controlled by President Cristina Fernandez's allies, gave final approval Thursday for a new Hydrocarbons Law that was harshly criticised by...
Read more on Politics Balla
 
UN chief seeks help against female genital mutilation
Nairobi, Oct 30 (IANS/EFE) UN Secretary General Ban Ki-Moon called on the media Thursday to speak out and help put an end "within this generation" to Female Genital Mutilation (FGM), a practice suffered by 130 million...
Read more on Celebrity Balla
 
Over 9,000 kg marijuana seized in Tanzania
Arusha (Tanzania), Oct 30 (IANS) Tanzanian police Thursday said they have seized 9,102 kg of marijuana in an ongoing crackdown operation in northern part of the country. The seizure follows an operation carried out in...
Read more on Politics Balla
 
China's aid to fight Ebola arrives in Ghana
Accra, Oct 30 (IANS) Chinese medical supplies and equipment to aid Ghana's fight against the outbreak of the deadly Ebola Viral Disease arrived at the Kotoka International Airport in Accra late Wednesday night. The...
Read more on Business Balla
 
US 'deeply concerned' about Burkina Faso situation
Washington, Oct 30 (IANS) The US is "deeply concerned" about the deteriorating situation in Burkina Faso resulting from efforts to amend the constitution, the White House said Thursday. "We believe democratic...
Read more on Politics Balla
 
Israeli PM calls for halt to incitement
Jerusalem, Oct 30 (IANS) The world must end its silence and condemn "Palestinian incitement" that fuels violence in Jerusalem, Israeli Prime Minister Benjamin Netanyahu said Thursday, hours after a Palestinian gunman...
Read more on Politics Balla
 
Mozambique's ruling party wins general elections
Maputo, Oct 30 (IANS) Mozambique's electoral authorities Thursday announced Filipe Nyusi, the candidate of the ruling Frelimo party, as elected the fourth president in general elections since the country gained...
Read more on Politics Balla
 
EU lifts decade-long economic sanctions on Zimbabwe
Harare, Oct 30 (IANS) The European Union (EU) has lifted its decade-long economic sanctions on Zimbabwe in a move that will see the trading bloc extending 234 million Euros (about 300 million dollars) to support...
Read more on Politics Balla
 
Chris Hemsworth wants to raise kids in Australia
Chris Hemsworth wants to raise his children in Australia. The 'Avengers' actor is keen to return to his home country with wife Elsa Pataky and their kids India, two, and twins Tristan and Sasha, seven months, after...
Read more on Celebrity Balla