Piramal Enterprises shares gain on Vodafone stake sale talk

Written by feBureau | Mumbai | Updated: Apr 10 2014, 23:09pm hrs
VodafoneThe scrip was trading 6.13% higher at Rs 569 at 11.20 am IST. (Reuters)
Shares of Piramal Enterprises gained more than 7% intraday on the BSE on Thursday after the company announced that it has agreed to divest it's entire stake in Vodafone.

Piramal Enterprises in an exchange release on Thursday said, "it has 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 8,900 Cr, valuing the shares of Vodafone India at Rs. 1,960 per share."

The scrip was trading 6.13% higher at Rs 569 at 11.20 am IST.