The deal is reportedly part of Vodafone’s plan first announced  in October  last year to take full control of the unit for a total 101.41 billion rupees, following a change in rules allowing foreign companies to own up to 100 percent of Indian telecommunication carriers.

After the announcement, Piramal Enterprises climbed 3.73 percent to Rs 556.15 on the BSE, the highest level since January 22. During the day, the scrip surged 7.63 percent to Rs 577.10. On the National Stock Exchange, the stock gained 2.15 percent to close at Rs 549.50.
Piramal said in a statement it will get Rs 1,960 per share, over 50 percent more than the Rs 1,290 a share it paid in 2011-12 to buy the stake in Vodafone India for a total consideration of Rs 5,864 crore.
Vodafone entered India in 2007 by taking over mobile service provider Hutchison Whampoa (Hutch) local unit in a USD 11 billion deal. The Vodafone group is reportedly said to have had 84.5 percent share of its India unit.


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