Piramal Healthcare will pick up approximately 5.5% of the issued equity share capital of Vodafone Essar Limited from Essar (ETHL Communications Holdings Limited) for approximately $640 million. This follows the settlement between Vodafone and Essar, wherein Essar exercised a put option over 22% of Vodafone Essar, after which Vodafone has exercised its call option over the remaining 11%. Following this $5 billion transaction, Vodafone was left with 78% stake in the company, 4% more than the permitted foreign direct investment limit in India. It needed an Indian partner, which is where Piramal came in: essentially to take Vodafone goes below the FDI limit. What Next? What's interesting is that according to Vodafone, "the transaction contemplates various exit mechanisms for Piramal, including both participation in a potential initial public offering of VEL and a sale of its stake to Vodafone" Vodafone…
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