Within days of British telecom firm Vodafone winning its over $2-billion tax case in India, Piramal Healthcare on Saturday picked up an additional stake of about 5.5% in Vodafone?s Indian arm for R3,007 crore. With this, Piramal?s total shareholding in Vodafone (India) went up to about 11%. ?Piramal has agreed to purchase approximately 5.5% of the issued equity share capital of Vodafone India from ETHL Communications Holdings for a cash consideration of approximately R3,007 crore, taking Piramal?s total shareholding in Vodafone to approximately 11%,? Vodafone Group said.
Piramal can exit its stake at the time of an IPO by Vodafone. It can also exercise an option to sell the stake back to Vodafone, besides opting to exit even if Vodafone does not go in for an IPO, the company added. Earlier, Piramal acquired a 5.5% stake in JV Vodafone-Essar for about R2,900 crore.
