Update: Vodafone Group has also bought out Analjit Singh's 24.65% stake in Vodafone India for Rs 1,241 crore, reports The Economic Times. It also notes the transaction with Analjit Singh is complete and the Piramal transaction is likely to close today. With this, Vodafone Group will now own 100% stake in Vodafone India. Note that there is a significant difference in valuation between both the transactions. Vodafone India mentions this is because Singh indirectly owns this stake through several companies, some of which have significant debt. It also notes that this is in line with the agreements between both the parties which were submitted to the government in 2007 and 2009, as indicated by the report. Earlier (April 11): Piramal Enterprises has agreed to divest its entire 11% stake in Vodafone India, comprising 4.54 crore shares, to Vodafone group's indirect subsidiary Prime Metals Limited for Rs 8,900 crore at Rs 1,960 per share, the company has informed BSE (pdf). This transaction values Vodafone India at Rs 80,939.7 crore or approximately £8 billion. Piramal which has little to do with the mobile industry, has pocketed a profit of around Rs 3,036 crore from this stake sale, having previously acquired these shares for a total consideration of Rs 5,864 Cr in two tranches during FY12. This translates to about 50% return on investment in almost three years. It had initially picked up a 5.5% stake for Rs 2,856 crore in August 2011 and had later bought an additional 5.5% stake for approximately Rs 3,007 crore in February 2012. Vodafone India's Buyout…
- DPDP Bill, 2022: A Small Amendment May Impact Indians’ Rights to Information and Accountability November 28, 2022
- Why has the Indian central bank stopped Paytm from onboarding new online merchants? November 28, 2022
- U.S. Prohibits Imports of Blacklisted Communications Gear Over National Security Concerns November 28, 2022
- Three arrested for flying drone during PM Modi’s visit to Bavla, Gujarat November 28, 2022
- New Instagram Reels Competitor, Platform, To Be Launched In January 2023 November 28, 2022
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
The Structure and Style of a Dogma Community: Conspiracy theories and organized Twitter engagement on Sushant Singh Rajput
Studying the 'community' supporting the late Sushant Singh Rajput (SSR) shows how Twitter was gamed through organized engagement
Do we have an enabling system for the National Data Governance Framework Policy (NDGFP) aiming to create a repository of non-personal data?
A viewpoint on why the regulation of cryptocurrencies and crypto exchnages under 2019's E-Commerce Rules puts it in a 'grey area'
India's IT Rules mandate a GAC to address user 'grievances' , but is re-instatement of content removed by a platform a power it should...
Why ‘group privacy’ should be recognised, and how ‘non-personal’ data becomes a regulatory blindspot
There is a need for reconceptualizing personal, non-personal data and the concept of privacy itself for regulators to effectively protect data
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...