Piramal Healthcare Ltd. has raised Rs. 18bn through commercial papers to partly fund its acquisition of further stake in Vodafone India, Rajesh Laddha, group CFO was quoted as saying.
The Ajay Piramal group company said over the weekend that it had bought an additional 5.5% stake in Vodafone's Indian arm from Essar for Rs 30bn. The deal takes its total stake in Vodafone India to about 11%.
Piramal Healthcare will not have cash left in its balance sheet after it bought a 5.5% stake in Vodafone's India unit, Ajay Piramal, Chairman of Piramal Healthcare told reporters today.
Vodafone will continue to hold a 64% stake in its India unit.
The latest transaction completed the exit of the Essar group as a shareholder in Vodafone India.
In August 2010, Vodafone sold 5.5% of the 11% stake it had acquired from Essar to Piramal Healthcare for ~Rs 28.93bn.